Vallibel Finance Pre-Tax Profits soar to Rs. 404 m during FY 2011/2012

Vallibel Finance PLC recently announced its provisional financial performance for the recently concluded Fiscal Year 2011/2012, recording exponential growth in profits, asset base, public deposits and branch expansion.

Total Interest Income of Vallibel Finance grew by 86% year-on-year from the Rs.  595 million recorded as at 31 March 2011, to stand at Rs. 1,105 million as at 31 March 2012. Pre-Tax Profits rose to an impressive Rs. 404 million as at the end of the Fiscal Year, ascending 75% from the previous year’s figures of Rs. 231 million. Profit After Taxation too doubled, rising by 114% over the year to stand at Rs. 230 million at the end of the year.  

It is noteworthy that during the previous year, the company was ranked amongst the most respected entities in the country by LMD in its 2011 survey and also that its significant rise in brand equity was recognised in LMD’s Most Valuable Brand Survey 2012; Vallibel Finance’s rank rising to 58th in the survey, alongside some of the greats of the banking and finance sectors.

“The positive trajectory of the company’s profits is certainly very encouraging for all of us at Vallibel Finance,” stated Vallibel Finance Managing Director Jayantha Rangamuwa. He opined that the upward trend has been made possible through careful investment in profit-worthy ventures as well as diligent management of overheads by the company. “We have also be able to increase our asset base by a pronounced 72% over the year,” added Rangamuwa as the company records a total asset base of Rs. 6.6 billion at the end of the current financial year, a steep climb from the previous year’s Rs. 3.8 billion and moreover, well above the industry average.

Fixed Deposits form an important part of the portfolio and with the public’s increasing trust in the financial arm of the powerful Vallibel group, Total Deposits which were Rs. 2.5 billion last year grew significantly by 51% to reach Rs. 3.9 billion at end-March 2012. Net Non-Performing Loan Ratio (NPL) stood at an industry-benchmark steady 0.77%, evidence of successful due diligence and a prudent credit management policy.

FY 2011/2012 was also a period of considerable geographical expansion for the young company; following a strategy of aggressive expansion, new branches and Service Centres started operations in localities including Matara, Kurunegala, Negombo, Kiribathgoda and most recently, Gampaha, with the aim of improving the access of the public to its unique financial service portfolio. Vallibel Finance deals chiefly in Fixed Deposits, Hire Purchase, Leasing and Microfinance products deployed vis-a-vis a cutting-edge technological framework.

The young company is headed by some of finance’s most respected personalities including Dhammika Perera (Chairman-Sampath Bank), Sumith Adhihetty (Managing Director-LB Finance) and Nimal Perera (Chairman-PABC Bank). Visionary entrepreneur Vallibel Chairman Dhammika Perera was quick to commend the momentous development shown by Vallibel Finance, “Stellar financial performance has once again proven that Vallibel Finance is a rising force in the financial sphere” he states emphatically, “It has far surpassed expectations and continues to move up the ranks of the financial sphere over a very short period amid fierce competition. I applaud the efforts of my capable Board of Directors and our dedicated staff.”

Under the expert guidance of the dynamic Perera, the Vallibel group continues to cement its position in the Sri Lankan corporate sphere with far-encompassing interests including PABC Bank, Hayleys PLC, Delmege Fosyth and Company Limited, Amaya Resorts, Royal Ceramics PLC, LB Finance and Fortress Resort. With its vision to bring easy-to-use financial tools to the people of the county, Vallibel Finance is poised to climb further into the upper echelons of the Sri Lankan corporate world over the new financial year.