Vallibel Finance crosses Rs.1Bn mark for net profits

Jun 26, 2018 (LBO) – Vallibel Finance PLC crossed the one billion rupee net profit mark with the company announcing its income statement for the financial year ended on 31 March, 2018, recording growth across key indicators including income and profitability.

Gross income for the financial year grew 35 percent over the previous year to reach 6.9 billion rupees with the previous year’s income at 5.1 billion rupees.

Net interest income accounted for a 38 percent increase over the previous year’s figure, reaching 2.7 billion rupees from 1.9 billion rupees.

Operating profits for the year under review grew exponentially by 43 percent to 1.9 billion rupees from the previous 1.3 billion rupees.

Net profit amassed to one billion rupees, growing by 40.3 percent on the back of outstanding performance built on prudent financial stewardship. Net profits for the previous year stood at 726 million rupees thus leading the company pass the billion rupee milestone in profits.

Deposits grew by 24 percent to  22.2 billion rupees over the previous year’s 17.8 billion rupees.

“We have been able to record impeccable performance, both qualitative and quantitative during a very challenging and daunting period of time”, Jayantha Rangamuwa, managing director of Vallibel Finance said.

Meanwhile, assets climbed to.38.4 billion rupees from the previous 30.6 billion rupees, accounting to a growth of 25.2 percent.