Vallibel Finance PLC recently released its financial results for 2013.
The financial institution saw its gross profits amass to Rs. 490 million sustaining its remarkable momentum. The gross profit was a 5% increase compared to the previous year.
Interest income showed a 36% rise to Rs. 2.44 billion compared to the previous year's Rs. 1.79 billion.
The company continued to see public trust grow exponentially with deposits increasing by a massive 44% to reach Rs. 9 billion compared to the previous year's Rs. 6.27billion.
Total assets saw a steady ascend, rising 32% to cross the Rs.12 billion mark. Despite a lacklustre demand for credit in the market, Vallibel Finance saw its lending portfolios growing across the spectrum with total lending reaching Rs. 10.23 billion.
This amounts to a 33% growth from the Rs. 7.76 billion recorded in 2013. "When you have raised the bar and that too during a tough and challenging period as a newcomer, the market expects you to sustain the momentum," a bank official said.