Vallibel Finance overcomes tough year, with profits up, steady growth

Wednesday, 2 July 2014 00:00 - - {{hitsCtrl.values.hits}}

Vallibel Finance PLC announced its financial results for 2013, recording impressive highs from gross profits to deposit base and from interest income to lending, assets etc. The financial institution saw its gross profits amass to Rs. 490 million, clearly sustaining its remarkable momentum. The gross profit was a 5% increase from the previous year. Interest income showed a 36% rise to Rs. 2.44 billion from the previous year’s Rs. 1.79 billion. Widely considered as the name-bearer of the colossal Vallibel Group, the company continued to see public trust growing exponentially with deposits climbing by a massive 44% to reach Rs. 9 billion from the previous year’s Rs. 6.27 billion. Total assets saw a steady ascend, rising 32% to cross the Rs. 12 billion mark.

Despite a lacklustre demand for credit in the market, Vallibel Finance saw its lending portfolios growing across the spectrum with total lending reaching Rs. 10.23 billion. This amounts to a 33% growth from the Rs. 7.76 billion recorded in the year 2013. “When you have raised the bar and that too during a tough and challenging period as a newcomer, the market expects you to sustain the momentum. That we have been able to better our report card, year after year, speaks for the resilience and ingenuity of the Vallibel team. This year’s financial results are laced with new milestones,” said Vallibel Finance PLC Managing Director Jayantha Rangamuwa. The PBT during the period under review was Rs. 490 million, rising 5% over the previous year’s Rs. 467 million. “We strongly believe in building on exemplary values that build trust. The results are, yet again, an overwhelming vote of confidence for the company and will inspire us to greater heights,” Rangamuwa added. He conceded that the company and the finance industry as a whole faced a tough year and said that these results were achieved in a highly competitive market. Vallibel Finance is ranked amongst the 100 most respected brands in Sri Lanka by the LMD, standing alongside some of the greats of the banking and finance sectors. Vallibel Finance also launched a very successful debenture which was oversubscribed more than three times on the opening day. The company continues to expand geographically and has seen new service centres operating with state-of-the-art technology in Moratuwa and Malabe and has plans underway to reach more customers in Bandarawela, Anuradhapura, Warakapola and Kalutara during the year. Vallibel Finance took customer service to the cutting-edge, opening a state-of-the-art Premier Centre in Nugegoda. This saw the company breaking new ground. It wooed high net-worth individuals to its forts. Vallibel Finance offers cutting-edge and personalised services in fixed deposits, hire purchase, leasing, pawning (gold loan), property loans and microfinance products. “Vallibel Group has made a significant contribution to the national economy and we will continue to do so in the future. I have fullest confidence in our name bearer,” says Vallibel Group Chairman Dhammika Perera.