Vallibel Finance records Rs.2.4 billion in profit amidst challenging market conditions

Vallibel Finance records Rs.2.4 billion in profit amidst challenging market conditions

30 July 2020 12:15 am

Vallibel Finance reported yet another year of highs despite market turmoil with Revenue amassing to Rs. 9.7 billion in the financial year ending March against the corresponding figure of Rs. 8.7 billion in the previous financial year.

The top-line bolstered by a growth of 11.12% is all the more commendable weighed against a negative outlook in the socio-economic sentiments prevalent in the country from the double blows of Easter attacks and Covid-19 pandemic.

Non-performing loans (NPL) ratio of 5% mutes testimony to the company’s legacy of financial stewardship even during exceedingly challenging times.

Loan Portfolio expanded to Rs.41.1 billion in the period under review, clocking a growth of 5.4% from a previous Rs. 38.9 billion.  Meanwhile, Net Interest Income grew by a healthy 20.64%, crossing Rs. 4 billion as against Rs. 3.3 billion in the previous financial year – a notable achievement against negative sentiments.

Pre-tax Profits for the year under review reached Rs. 2.4 Billion, yet another milestone, growing by 6.93% from the previous figure of Rs. 2.2 billion illustrating the company’s sustained ability to manage its core drivers in the midst of tumultuous times, prudently managing assets and liabilities.

Deposits, the barometer of public confidence amassed to Rs. 29 Billion, growing exponentially by 14.97% over the previous period under spotlight.

“Vallibel Finance has been able to record impeccable performance, both qualitative and quantitative during a very challenging and daunting period of time. said Managing Director Mr. Jayantha Rangamuwa.

“In a year devastated by external volatility it was a litmus test for the finance world but Vallibel Finance has not only been able to come out with heads high but at the same time stand firm in its commitment to its customers across the country at a time of great despair, Vallibel Group, Chairman and corporate icon Mr. Dhammika Perera said.

The Total Equity column showed resilience, expanding 18.40% to Rs. 6.4 billion in the financial year ending March 2020.