Vallibel Finance records triumphant 1st year in public domain

The Vallibel Group’s youngest financial star Vallibel Finance today released its financial results for 2010/2011, marking its first full year in the public domain since its highly successful IPO in April 2010 with phenomenal overall growth. The company recorded dramatic increases in assets, deposits and profits in the year ending 31 March 2011, as well as a drastically improved Non Performing Loan (NPL) ratio believed to be one of the industry’s best this year.

Vallibel Finance’s gross income of Rs. 425.89 mn in the financial year 2009/2010 grew to an impressive Rs. 639.87 mn this year, an increase of 50%. The company’s pre-tax profits too followed course, recording a 116% increase to Rs. 231.6 mn in 2010/2011 from last year’s profit of Rs. 107.1 mn, while profit after tax came to Rs. 107.9 mn, climbing 159% from the previous year’s Rs. 41.6 mn.

Vallibel Finance continued to successfully grow its deposit base from Rs. 1.13 bn to Rs. 2.59 bn during the year. The company’s NPL ratio for the year was recorded at an astounding 1.07, down from 3.26 in the previous year. Vallibel further fostered a growth in total assets to an impressive Rs. 3.88 bn from Rs. 1.79 bn in the previous financial year, again an increase of 116%.

Strengthened by its Board of Directors, which includes many renowned names from the financial and business sphere, and its energetic team of dedicated young professionals led by Jayantha Rangamuwa, Managing Director of Vallibel Finance, the company also announced over 12,500 new business partners during this year, all the while concentrating on its core activities as a financial services company and avoiding any speculative activities such as circular share trading and real estate.

“Vallibel Finance has had a truly outstanding year,” said Rangamuwa. “For a company launched during such an uncertain period, we have seen substantial growth even during the bleak period of time. I believe our team’s ability to maintain this upward momentum has helped us achieve these phenomenal results and will continue to propel the company forward to reach even greater heights in future.”

“This has been a much stronger year for the Sri Lankan finance sector as a whole, encouraged by rising public and investor confidence,” elaborated Rangamuwa.

“We have always maintained a constant positive outlook, even in previous years when market conditions have been extremely volatile, a factor which I feel has contributed immensely to the great distance Vallibel Finance has moved forward and indeed upwards in our short time in the market.

Our vision for the company has not changed and in this positive climate, we are now more than ever committed to taking our revolutionary financial tools to the masses at the grass root level.”

Vallibel Finance has climbed up the ranks of the financial industry in the 4 years since it came under the Vallibel Group’s wing.

The company consolidated its ascendance up the ranks of the financial realm with the relocation of its head office to a substantially larger new location on Galle Road, a stone’s throw away from its original Colombo 3 location.

“Vallibel Finance’s resounding successes over a relatively short period shows the confidence placed by the public on the Vallibel name.

We have always strived to exceed the expectations of our investors, and I’m proud to see this young company carrying on the Vallibel legacy,” stated Dhammika Perera, the illustrious Chairman of Vallibel Holdings who has the strategic and controlling shareholding of some of best financial institutions in the country including Sampath Bank, PABC Bank and LB Finance and well as Hayleys PLC. The company is promoted and backed by the leadership of a distinguished board comprising some of the most successful business names in the country; Dhammika Perera, Sumith Adhihetty (Managing Director – LB Finance & The Fortress), Nimal Perera (Deputy Chairman – PABC Bank, Managing Director – Royal Ceramics,) Sena Senaratne (Director – Amaya Resorts and Spas), Mangala Gunatilake (Director – LB Finance & Douglas & Sons), Harendra Perera (Director – Vallibel  Holdings) and of course Jayantha Rangamuwa.

The Vallibel mission to bring modern financial tools to people across the country has never been more vital than it is now.

Vallibel’s post-war promise to help the people grasp new opportunities as the country rises out of crisis is reflected in the company’s expansion plans, which will see Vallibel opening their doors everywhere including the North and East.