The result was more than double previous year's PAT of Rs. 309 million.
Turnover for the sector after consolidation was Rs. 9.95 billion, an increase of 20% compared with the previous year, whilst pre-consolidation turnover was Rs. 10.4 billion.
The Financial Services Sector of the Group offers a comprehensive range of products and services to all of their client segments comprising; Retail, SME, Corporate, Institutional and High Networth clients, that covers Life and General Insurance, Leasing and Finance, Equity Broking and Asset Management.
Softlogic Capital has as its subsidiaries; Asian Alliance Insurance , Asian Alliance General Insurance , Softlogic Finance and Softlogic Stockbrokers. The sector performance for the year were driven by contributions from Asian Alliance Insurance that posted PAT of Rs. 705 million, Softlogic Finance PAT of Rs 216 million, Softlogic Stockbrokers PAT of Rs. 63 million. Softlogic Capital returned a PAT of Rs. 213 million compared to a loss of Rs 108 million in the previous period.
The Softlogic Group within four years, has enhanced its acquisitions while securing the necessary resources for the aggressive business plans that have been laid out.
The sector has focused on developing the teams in each business, upgrading talent, enabling breakthrough product development and enhancing the brand awareness of the respective companies to fast track business acquisition. This has delivered impressive results for the year with Asian Alliance performance at PAT level improving by 22%, Softlogic Finance by 31% and Softlogic Stockbrokers improving their performance five-fold.
Total Assets of the Sector were Rs 32.9Billion as at 31st March 2015 and recorded an increase of 12% for the year.