Alliance Finance ups 9 month profits by 300%

Wednesday, 29 February 2012 00:02 - - {{hitsCtrl.values.hits}}

Alliance Finance Co Plc (AFC) recorded an impressive profit of Rs. 295 million profit for the nine months ended 31 December 2011 – a growth of 300 % when compared with the profit of Rs. 74 million recorded in the similar period in 2010.

AFC’s turnover also reached Rs. 4.017 billion in the same period. This is a growth of 12% when compared with the turnover of Rs. 3.597 billion recorded in the similar period in 2010.

The company also surpassed the Rs. 6 billion mark in deposits and reached Rs 6.191 billion by 31 December 2011, an annualised growth of 24%. The advances also grew by a staggering 52% to reach a portfolio of Rs 8.8 billion in the first nine months up to 31 December 2011. Non-performing advances of the company improved from Rs. 277 million to Rs. 251 m by 31 December 2011, reflecting a decline of 10% when compared with the similar period in 2010. The declined of non-performing advances have contributed to the improvement in the gross NPL ratio to 2.83% in the third quarter in 2011 from 5.39% in the similar period in 2010.

The company recently won the prestigious Silver Award in the ‘Specialised Banking & Financial Services Sector’ category at the National Business Excellence Awards 2011, organised by the National Chamber of Commerce of Sri Lanka.

In an independent survey carried out by LMD and Brand Finance, Alliance Finance PLC was ranked 61st among the Top 100 Most Valuable Brands of Sri Lanka. AFC has a BBB/P2 rating from RAM Ratings.

The company has a countrywide network of 66 consisting 15 branches, 18 collection centres and 33 gold loan centres.