UB Finance AGM highlights significant progress in FY14

Thursday, 9 October 2014 00:00 - - {{hitsCtrl.values.hits}}

The UB Finance Co. Ltd., Annual General Meeting (AGM) was held recently at the Post Graduate Institute of Management, Colombo 08. At the AGM, UB Finance Chairman Alexis Lovell MBE highlighted the significant progress made by the company during the financial year in concern, in terms of asset and revenue growth and profitability. The company made a profit before taxation (PBT) of Rs. 146 million and a profit after taxation (PAT) of Rs. 92 million respectively.

He stressed that, “The company is committed to achieving its vision of being Sri Lanka’s preferred financial services solutions provider.” He further stated that, “In the coming year, UB Finance would open avenues to improve the SME sector and the personal aspirations and lifestyles of the Sri Lankan people.” He also elaborated on the ground breaking investment into Union Bank of Colombo PLC by one of the leaders in global equity, TPG Asia VI L.P., taking a controlling interest in the bank and making it the fifth largest bank in terms of equity in Sri Lanka. With this investment, the Union Bank Group, which currently includes Union Bank, UB Finance and NAMAL, is poised to make serious inroads into the financial services sector. In response to a concern raised by some of the Non Voting Shareholders with regard to listing the company on the Colombo Stock Exchange, Chief Executive Officer Ransith Karunaratne stated that in addition to the restructuring of the company, the management is committed to resolving this matter expeditiously. He further stated that the major obstacle in expediting the listing was the erroneous Non Voting Shareholder Register handed over by the previous management and that the new management has taken numerous steps to rectify the said register. This matter is currently pending in the Commercial High Court of Colombo. Upon closure of same, the company looks forward to a successful listing on the Colombo Stock Exchange. Lovell, thanked the Governor and Officials of the Central Bank of Sri Lanka for the extended corporation and consultation to UB Finance, stating that the strong fundamentals implemented in the recent past and continuously adhering to the policies and procedures have undoubtedly been the truss that gave UB Finance the strength and stability we see today. He also acknowledged the Board of Directors for their continued support and extended his gratitude towards the company’s loyal stakeholders for their unrestrained confidence. He took the opportunity to thank their valued customers for their continuing patronage. He also extended his gratitude to the Chief Executive Office, Ransith Karunaratne, the Senior Management and the entire UB Finance Team for their unwavering commitment and dedication to deliver success to all the UB Finance stakeholders.