Vallibel Finance, the burgeoning financial powerhouse of Vallibel Group, saw first half pre-tax profits grow by 174% year on year (YoY) to Rs.101Mn.
Achieving overall growth in terms of assets, profit, income and customer deposits in the months following its entry into the public domain with its successful initial public offering earlier in the year, Vallibel Finance is cementing its operations and continuing to press on with its expansion plans. Vallibel Finance’s gross interest income grew 33% YoY to Rs. 258 Mn. in first half 2010/2011. Company assets have followed course, growing by 42% to Rs.2.53Bn. during the current financial year. Fixed deposit collection increased by 36% to Rs.1.55Bn.
The company has been able to achieve these results concentrating on core activities of hire purchase, leasing and micro credit. Furthermore, Vallibel Finance has been able to maintain a healthy non-performing loan ratio (NPL) of 2%, well below the industry average.
“The war end heralds a brightening economic climate and the company’s future shows much promise and potential with economic upturn, “said Managing Director Jayantha Rangamuwa.
He said that the company’s strong start that took the industry by storm in its phenomenal first year and even more challenging second year as well as its proven ability to maintain the upward momentum would help propel it forward to reach even greater heights in future.
Grateful for the vote of confidence as evident by the 8.5 times oversubscribed IPO, the company affirmed that unsurpassed customer service would continue to be among its top priorities.
“Remaining optimistic during a bad economic climate and other socio-economic issues has been one of the key factors that helped the company stay on track,” said Chairman Dhammika Perera.
“Our vision now is to take this wealth to the grassroots level, to those who thus far have not had the privilege of choice when it comes to financial services.”
A diversified conglomerate in Sri Lanka, Vallibel Holdings has more than 40 associate companies and its diversified investment portfolio includes some of best performing public quoted companies in the Colombo Stock Exchange.
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 (Chairman) Rangamuwa (Managing Director) and other formidable board members including Sumith Adhihetty (Managing Director LB Finance & The Fortress), Nimal Perera (Deputy Chairman PABC Bank and Managing Director Royal Ceramics,) Sena Senaratne (Director Amaya Resorts and Spas), Mangala Gunatilake (Director LB Finance & Douglas & Sons) and Harendra Perera (Director Vallibel Holdings)
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