Asia Asset Finance posts outstanding performance in FY23 amidst challenges

Wednesday, 31 May 2023 00:15 - - {{hitsCtrl.values.hits}}

Total Assets up 29% to Rs. 25 b
Profitability up 139% to Rs. 284 m
Fixed Deposit Base up 52% to Rs. 13.2 b

Chairman V. A. Prasanth

CEO Rajiv Gunawardena

Asia Asset Finance PLC has concluded FY2022/23 having delivered outstanding performances across a range of financial KPIs, measured year-over-year (YOY), amidst Sri Lanka’s unprecedented economic crisis.

One of the key highlights of Asia Asset Finance PLC’s performance is the impressive growth in Earnings Per Share (EPS), which soared by an incredible 150%. This significant increase reflects the company’s ability to generate substantial returns for its shareholders. Furthermore, the company’s Asset Base has surpassed an impressive milestone of Rs. 25 billion, showcasing its robust financial position and steady growth trajectory.

Asia Asset Finance PLC Net Profit also witnessed a remarkable growth, increasing by 139% during FY 2022/23. This notable achievement speaks volumes about the company’s effective strategies and positioning in the market. An essential factor contributing to Asia Asset Finance PLC success is its expanding Deposit Base, which grew by 50% during the year. This growth not only demonstrates the trust and confidence customers place in Asia Asset Finance PLC, but also reflects the company’s ability to attract and retain a loyal customer base.

Asia Asset Finance PLC also made notable strides regarding expanding its presence. The company’s dedication to serving customers across Sri Lanka was clearly evident as its branch network grew to reach an impressive 75 locations across the island. This expansion reflects Asia Asset Finance PLC’s commitment to providing accessible financial solutions to all Sri Lankans.

CEO Rajiv Gunawardena said: “This year, we have been able to achieve significant growth and performance that has exceeded investor and market expectations due to our concentrated focus on secured lending focusing on gold-based financial services and effective cost control mechanisms adopted through a digitised operational environment. Gold continues to remain one of the most in demand assets in the market, and thus we have been able to deliver exceptional value to our customers and investors. Our branch expansion in the rural and semi urban areas has allowed us to meet our objectives in expanding our reach to much needed communities and transforming AAF service to a more female focused service model, meeting the objectives of women empowerment and financial inclusion.”

Asia Asset Finance PLC reaffirmed its dedication to providing innovative financial solutions, expanding its reach, and delivering exceptional value to its customers and stakeholders. The company’s performance and unwavering focus on customer-centric strategies position it as a leading force in Sri Lanka’s financial landscape, poised for continued growth and success.