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.
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Lost loss provisions rose 42 percent to 2.8 million rupees.

Other income rose 195 percent to 25.

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3 million rupees.

Deposits grew 29 percent to 3.35 billion rupees.

Gross assets of Vallibel Finance rose 39 percent to 5.

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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.

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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.

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