Following its dynamic turnaround, Nation Lanka Finance has shown promising results in Q1 of 2015/2016, with the company recording a profit after tax (PAT) of Rs. 38 million for the period under review. The company is now well on track to achieve its revenue targets for 2015.
At the year end of 2014/2015, Nation Lanka Finance recorded total assets valued at Rs. 7 billion, indicating an asset growth of 52%. The company also increased its deposit base by 48% to 5.5 billion and recorded a turnover of Rs. 1.15 billion.
In Q1 of the current financial year, the Nawaloka Group acquired a 25% majority stake of Nation Lanka Finance and is now leading the company towards a new era of growth and success.
Following the change in management, Nation Lanka Finance has embarked on a strategic turnaround which has already yielded impressive results as shown by the company’s performance in Q1 of 2015/2016.
Commenting on the company’s new direction, Jayantha Dharmadasa, Chairman of Nation Lanka Finance said, “Nation Lanka Finance has now laid the foundation to accomplish our overall goal of progressively growing the wealth of our nation and its people.
CEO, Jayantha Perera, said that Nation Lanka Finance will overcome all challenges and strategically grow and strengthen its product and service offering.
“As we build on our long-standing heritage, our new strategic direction will enable us to reinvent the company to more effectively serve the needs of the local finance industry and the Sri Lankan people.”
Also commenting on the company’s new direction, Jayantha Perera, CEO of Nation Lanka Finance stated, “I am pleased to report robust growth in Q1 of 2015/2016, and I believe that these results have set the precedent for a fruitful and profitable year for Nation Lanka Finance.”
“In the coming months we shall focus on building our presence in the micro finance sector, which has high potential and can generate maximum returns for the company whilst ensuring socio-economic benefits for our customers. Another product which we shall focus on building is working capital loans (Biz Cash), as this is a product which has recorded an impressive year-on-year growth.”
Courtesy: Daily News 22 September 2015