Finance Growth

Nov 19, 2011 (LBO) – Profits at Sri Lanka’s Vallibel Finance, rose 157 percent to 60.1 million rupees in the September 2011 quarter from a year earlier, helped by strong loan growth and other income, interim accounts showed. Lost loss provisions rose 42 percent to 2.8 million rupees.

Other income rose 195 percent to 25.3 million rupees.

Deposits grew 29 percent to 3.35 billion rupees.

Gross assets of Vallibel Finance rose 39 percent to 5.4 billion rupees and net assets rose 19 percent 555.6 million rupees.

Interest income at the registered finance company, rose 88 percent to 252 million rupees and interest expenses rose a steep 89 percent 112 million rupees allowing net interest income to grow 87 percent to 139 million rupees.

The firms lease book grew 44 percent to 4.46 billion rupees in the six months to September. Non-performing loans net of interest in suspense to only 48 million rupees from 42 million rupees a year earlier.