Vallibel Finance pre-tax profits grow by 28.2-pct to Rs.1.03Bn

Vallibel Finance PLC returned yet another impressive report card with profits before tax (PBT) for the six months ending September, 2018 reaching a record high of Rs. 1.03 Billion. Acclaimed as one of the most respected finance companies in Sri Lanka, the name-bearer of the Vallibel Group continued its now customary outstanding financial performance with PBT recording a growth of 28.2% over the same period of the preceding year, growing to the current high from a previous Rs. 807 Million. Profits after tax (PAT) grew by 21.7% over the corresponding period of the previous financial year, reaching Rs. 527 Million with other key indicators also showing strong growth, thus affirming the company’s far-sighted vision and prudent financial stewardship which have seen it emerging as finance sector’s standard-bearer. Deposits, the barometer of public confidence amassed to Rs. 23.9 Billion, yet another all-time record, growing exponentially by 21% over the previous period under spotlight. “We have been able to record impeccable performance, both qualitative and quantitative during a very challenging and daunting period of time. This is a testament to the ability of our remarkable workforce, our strength, our dedication, our constant need to better ourselves and implementations of our high performing strategies.”, said Jayantha Rangamuwa, Managing Director of Vallibel Finance.
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Further, the impact of the new tax structure, as well as the challenging local environment affected the financial industry adversely but Vallibel Finance has proven its mettle with a creditable performance, said Mr. Rangamuwa. “We kept our focus on mid and long-term vision of the company while initiating revolutionary and resourceful strategies that helped us through difficult times. The result is continued confidence of the public”, he said. The loan book stood at Rs. 35.7 Billion at the end of the period under review, growing 32.7% from a previous Rs. 26.9 Billion, thus affirming the faith Sri Lankans have placed in the company as their catalyst of development. Interest income was again on the rise, reaching Rs. 3.67 Billion, a growth of 26.7% against the preceding period with the corresponding figure recorded as Rs. 2.90 Billion. Balance sheet make for outstanding reading with total assets climbing to Rs. 43.2 Billion, firmly establishing Vallibel as one of the largest finance companies in terms of total assets. Total assets grew by 31.9% over the corresponding period of the previous year, where the figure stood at Rs.32.8 Billion. Vallibel Finance kept its eye on the Non-performing loans column keeping it at 3.17%, highlighting the company’s efforts during highly volatile conditions in the market.LMD adjudged Vallibel Finance as the most respected finance company in Sri Lanka while Brand Finance upgraded its brand rating to – “A”, further enhancing the company’s Brand Reputation whichis widely established as a household name in finance in the country, achieved within relatively a short period of time. (PRESS RELEASE)