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Multi Finance PLC reported a turnaround in results for the fourth quarter ended March 31, 2014 recording a net profit of Rs.18.6 million against a Rs.5 4.7 million loss year-on-year (YoY), as per published accounts.
Net income from operations reached Rs. 39.9million, a 71% growth compared to the quarter ended March, 2013 which was Rs. 23.3 million.
The net interest income for the quarter ended March, 2014 also increased by 24% reaching Rs. 31.7 million, compared to Rs. 25.6 million YoY, owning to improvements in quality lending and strict credit processes.
Operating expenses of the company fell to Rs. 35.5 million as against Rs. 41.4 million YoY which is a 14% improvement mainly due to strict cost control mechanisms.
Most significant is that the company's net impairment recorded an outstanding improvement of 198% a reversal of Rs. 12.6 million as against a charge of Rs. 12.8 million in the quarter ended March 2013.
NPLs on leasing, HP and loans came down to 4.41% quarter-on-quarter due to aggressive recovery techniques. Earnings per Share of the company improved to Rs. 3.32 against a loss per share of Rs. 9.74 within the quarter while improving the company's quality of asset portfolio.
Return on equity improved to 5.54% from 13.88% and Return on Assets is up by 83% from -4.09% to 1.25% YoY.
Multi Finance, Chief Executive Officer Pushpike Jayasundera said the re-structuring of the company, introducing best practices in the industry, BPR carried out with regard to most of its processes were the key factors to achieve significant results in the quarter.
"The Multi Finance team achieved this total turn around recording a significant net profit of Rs 18.6 million, up by 134% YoY.
This achievement was possible due to the prudent management policies adopted at the right time and the dedicated and motivated team," he said.
The company re-engineered its entire processes from lending, recovery to deposits to harness the best possible output. Staff was motivated and directed to increase the output per employee recruiting able, experienced personnel from top performing financial and banking institutions.
New innovative products were introduced to increase volumes.
"The confidence placed by customers helped Multi Finance to achieve improved performances and we expect to continue this growth by supporting customers and expand our product portfolio and reach," Jayasundera said.
http://www.sundayobserver.lk/2014/06/15/fin16.asp
Net income from operations reached Rs. 39.9million, a 71% growth compared to the quarter ended March, 2013 which was Rs. 23.3 million.
The net interest income for the quarter ended March, 2014 also increased by 24% reaching Rs. 31.7 million, compared to Rs. 25.6 million YoY, owning to improvements in quality lending and strict credit processes.
Operating expenses of the company fell to Rs. 35.5 million as against Rs. 41.4 million YoY which is a 14% improvement mainly due to strict cost control mechanisms.
Most significant is that the company's net impairment recorded an outstanding improvement of 198% a reversal of Rs. 12.6 million as against a charge of Rs. 12.8 million in the quarter ended March 2013.
NPLs on leasing, HP and loans came down to 4.41% quarter-on-quarter due to aggressive recovery techniques. Earnings per Share of the company improved to Rs. 3.32 against a loss per share of Rs. 9.74 within the quarter while improving the company's quality of asset portfolio.
Return on equity improved to 5.54% from 13.88% and Return on Assets is up by 83% from -4.09% to 1.25% YoY.
Multi Finance, Chief Executive Officer Pushpike Jayasundera said the re-structuring of the company, introducing best practices in the industry, BPR carried out with regard to most of its processes were the key factors to achieve significant results in the quarter.
"The Multi Finance team achieved this total turn around recording a significant net profit of Rs 18.6 million, up by 134% YoY.
This achievement was possible due to the prudent management policies adopted at the right time and the dedicated and motivated team," he said.
The company re-engineered its entire processes from lending, recovery to deposits to harness the best possible output. Staff was motivated and directed to increase the output per employee recruiting able, experienced personnel from top performing financial and banking institutions.
New innovative products were introduced to increase volumes.
"The confidence placed by customers helped Multi Finance to achieve improved performances and we expect to continue this growth by supporting customers and expand our product portfolio and reach," Jayasundera said.
http://www.sundayobserver.lk/2014/06/15/fin16.asp