Abans Finance posts highest-ever profit of Rs. 188 m despite difficult market environment

Wednesday, 17 February 2021 00:00 - - {{hitsCtrl.values.hits}}

Abans Finance PLC has announced its highest-ever after-tax profit of Rs. 188 million for the first nine months of FY21, despite the turbulent period due to COVID-19.

This was an increase of 1465% from the profit for the corresponding nine-month period last year where PAT was only Rs 12 million.

The achievement was whilst adhering to the Central Bank debt moratorium guidelines and taking a day-one loss of Rs. 72 million on the first moratorium.

Impressive results are also hot on the heels of the recent upgrade by Fitch Ratings in January 2021, from ‘BB+(lka)’ to ‘A (lka)’,

Abans Finance is a principal member of the prestigious Abans Group, the renowned household name in Sri Lanka. Through the backing of the Abans Group and a strong management team, led by CEO Dharshan Silva, the company has been able to diversify its lending portfolio, reduce its funding cost and improve collections to develop one of the best performances for a finance company in the past nine months.

“A key to this success has been the strong recovery culture within the organisation with close tracking of performance metrics coupled with incentives for everyone in the organisation. All this has been achieved whilst managing new COVID-19 protocols, including work-from-home models for staff and ensuring uninterrupted customer service,” Abans Finance said in a statement.