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Sunday Nov 17, 2024
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Abans Finance, a subsidiary of Abans group which is one of Sri Lanka’s most trusted brands, has been affirmed BB+ (lka) by Fitch Ratings Lanka.
The Company’s focus on diversifying its lending portfolio along with the strength and support rendered by the Abans Group has resulted in the affirmation. This achievement, at a time when the economy is experiencing unexpected challenges stemming from the COVID-19 pandemic stands as a testament to the strength and stability of Abans Finance.
Earlier this month, Abans Finance registered a pre-tax profit of Rs. 151.5 million for the year ended 31 March 2020, compared to Rs. 110.8 million recorded in the corresponding period of the previous year, achieving a YoY growth of 37.1%.
This solid performance is an endorsement of the Company’s stability, growth potential and resilience in a challenging business environment. The Company has a deposit base of Rs. 5.2 billion as at 31 March 2020 and a lending base which is secured by assets.
With the Company concluding the financial year 2019/20 on a strong note, the outlook for Abans Finance PLC remains positive despite the COVID-19 setbacks. In the new financial year Abans Finance is gearing to further enhance its market position by launching new products and investing in technology in order to rapidly expand its reach in a cost-effective and efficient manner.
The launching of digital financial facilities to improve customer convenience, strengthening core IT systems infrastructure, and launching of savings products are some of its key initiatives towards proactively catering to evolving customer needs while maintaining its growth momentum amidst challenging local and global market conditions.
