Abans Finance achieves all-time high Rs. 306 m profit in 9 months

Abans Finance PLC has achieved its best ever performance of Rs. 306 million after tax profit in the first nine months of FY22 up by 63% from a year earlier whilst total assets neared the Rs. 10 billion mark.

Abans Finance PLC is a member of the prestigious Abans Group, the renowned household name in Sri Lanka. It said through the backing of the Abans Group and the strong management team, the company has been able to manage concentration risk by diversifying its lending portfolio into various sectors and geographic areas. It was also able to reduce its funding cost and improve collections. Overall efforts helped to post best-ever performance in the first nine months of any financial year since inception.

“By setting of the company KPI’s in line with its long-term sustainability goals within a framework of balanced scorecard, management team is optimistic on sustainability of its profit momentum and growth in portfolio in the coming years and thus the management is expecting to close the FY 2021/2022 with a sustainable material growth in YOY performance,” Abans Finance said in a statement.

Management believes that ultimately the basis of Abans Finance success is the team. Management commented saying that the employees are the ones who serve our customers, build the technology, make the strategic decisions, manage the risks, determine our investments, and drive innovation. 

“Despite current world’s complexity and the risks and opportunities ahead, management believes having a great team of people who can navigate personally in challenging circumstances while dedicating themselves to professional excellence is what ensures prosperity, now and in the future,” Abans Finance added.