Vallibel Finance pre-tax profits soars to Rs. 466 m

Vallibel Finance PLC recently announced its provisional financial performance for the recently concluded Fiscal Year 2012/2013, recording exponential growth in profits, asset base, public deposits and branch expansion.

Total interest income of Vallibel Finance grew by 59% year-on-year from the Rs. 1,106 million recorded as at 31 March 2012, to stand at Rs. 1,763 million as at 31 March 2013. Pre-tax profit rose to an impressive Rs. 466 million as at the end of the fiscal year, ascending 18% from the previous year’s figures of Rs. 394 million. Profit after taxation also raised by 23% over the year to stand at Rs. 293 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 2013; Vallibel Finance standing alongside some of the greats of the banking and finance sectors.

Vallibel Finance Managing Director Jayantha Rangamuwa said: “The positive trajectory of the company’s profits is certainly very encouraging for all of us at Vallibel Finance.” 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 being able to increase our asset base by a pronounced 40% over the year,” Rangamuwa said, as the company records a total asset base of Rs. 9.3 billion at the end of the current financial year, a steep climb from the previous year’s Rs. 6.7 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. 4.0 billion last year, grew significantly by 56% to reach Rs. 6.3 billion at end-March. Net non-performing loan ratio (NPL) stood at an industry-benchmark steady 2.04%, evidence of successful due diligence and a prudent credit management policy.

The 2012/2013 financial year was also a period of considerable geographical expansion for the young company; on the back of a strategy of aggressive expansion, new branches will be set up in localities including Moratuwa, Dambulla, Nugegoda, Polonnaruwa, Pitigala and Malabe 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, pawning (gold loan) and microfinance products deployed via a cutting-edge technological framework.

The young company is headed by some of banking and finance’s most respected personalities including Samapth Bank Chairman Dhammika Perera, PABC Bank Chairman Nimal Perera and LB Finance Managing Director Sumith Adhihetty. Visionary entrepreneur Dhammika 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 Dhammika, the Vallibel group continues to cement its position in the Sri Lankan corporate sphere with far-encompassing interests including PABC Bank, Hayleys PLC, Amaya Resorts, Royal Ceramics, Fortress Resort, LB Finance, Delmege and Lanka Walltile. 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.