Total Interest Income of Vallibel Finance grew by 59 percent year-on-year from the Rs. 1,106 million recorded as at March 31st 2012, to stand at Rs. 1,763 million as at March 31st 2013. Pre-Tax profit rose to Rs. 466 million as at the end of the Fiscal Year, up 18 percent from the previous year’s figures of Rs. 394 million.
"The positive trajectory of the company’s profits is certainly very encouraging for all of us at Vallibel Finance," stated Jayantha Rangamuwa, Managing Director. He opined that the upward trend has been made possible through careful investment in profit-worthy ventures as well as diligent management of overheads by the company.
"We have also be able to increase our asset base by 40 percent over the year, as the company records a total asset base of Rs. 9.3 billion at the end of the current financial year, a steep climb from the previous year’s Rs. 6.7 billion and moreover, well above the industry average," Rangamuwa said.
Fixed Deposits form an important part of the portfolio and with the public’s increasing trust in the financial arm of the powerful Vallibel group, Total Deposits which were Rs. 4 billion last year grew significantly by 56 percent to reach Rs. 6.3 billion at end-March. Net Non-Performing Loan Ratio (NPL) stood at an industry-benchmark steady 2 percent, evidence of successful due diligence and a prudent credit management policy.
FY 2012/2013 was also a period of considerable geographical expansion for the young company; on the back of a strategy of aggressive expansion, new branches will be set up in localities including Moratuwa,Dambulla, Nugegoda, Polonnaruwa, Pitigala, Malabe with the aim of improving the access of the public to its unique financial service portfolio. Vallibel Finance deals chiefly in Fixed Deposits, Hire Purchase, Leasing, Pawning (Gold Loan) and Microfinance products deployed via a cutting-edge technological framework.
The young company is headed by Dhammika Perera (Chairman- Samapth Bank), Nimal Perera (Chairman-PABC Bank ), Sumith Adhihetty (Managing Director-LB Finance ) .
Dhammika Perera said Vallibel Finance has "far surpassed expectations and continues to move up the ranks of the financial sphere over a very short period amid fierce competition".
Under Dhammika Perera, the Vallibel group continues to cement its position in the Sri Lankan corporate sphere with far-encompassing interests including PABC Bank, Hayleys PLC, Amaya Resorts, Royal Ceramics, Fortress Resort, LB Finance, Delmege and Lanka Walltile.