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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Vallibel Finance records solid 1H results

Vallibel Finance records solid 1H results

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1Vallibel Finance records solid 1H results Empty Vallibel Finance records solid 1H results Tue Dec 01, 2020 12:15 am

fireshelter

fireshelter
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Amidst unprecedented disruption brought by the COVID-19 pandemic, Vallibel Finance has been able to record steady performances in the face of many challenges. 
In a statement, Vallibel Finance said it continued to set the bar soaring, with profits-before-tax (PBT) reaching a high of Rs. 890 million for the first six months ending September 2020. Total assets crossed Rs. 52 billion, growing by 4%; resulting in an impressive Balance Sheet, placing the company among Sri Lanka’s largest in terms of assets. 

“Vallibel Finance has shown its resilience owing to prudent management skills and sustainable pursuit of growth. Nevertheless, we consistently remain a step ahead of such external challenges by adopting prudent practices, anticipating customer needs and seeking opportunities to maintain sustainable competitive advantage,” Vallibel Group Chairman Dhammika Perera said.

Deposits, the barometer of public confidence, amassed to Rs. 30 billion, growing exponentially by 8.81% over the previous period. 

“The first half of the year was turbulent, testing the resilience of the entire country. Yet, Vallibel Finance has sailed swiftly through the storm, bettering its own benchmarks, both qualitative and quantitative, during a very challenging and daunting period of time. In-timely responses to challenges, our staff admirably performed well in implementing our tried and tested strategies well,” said Managing Director Jayantha S.B. Rangamuwa.

He further added: “It has been yet another satisfactory performance against the odds, thanks to Vallibel Finance’s home-grown ability of being able to respond to adversity with an aptly resourceful and innovative strategy.” 

The company grew its loan book even during very challenging times by 4%, reaching Rs. 41.8 billion from a previous Rs. 40.2 billion. Non-performing loans (NPL) ratio of 6.68%, which is far better than the industry average, pays testimony to the company’s legacy of financial stewardship during exceedingly challenging times. 

Despite the current uncertain situation, Vallibel Finance, being very optimistic about the outlook, commenced its landmark seventeen-story Head Office complex, along with an uninterrupted branch expansion extending its roots to Ambalantota, Thambuththegama, Kohuwala and Ja-Ela during the period.

Notably, Vallibel Finance has been honoured and awarded as the Brand of the Year 2020 in Sri Lanka, while upgrading its brand rating to ‘A+’, certifying its stand as a strong and respected industry name. Vallibel Finance has also been listed as one of the Great Workplaces to work in Sri Lanka for the second successive year.

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