2 October 2024 12:22 am Views - 61
| Siyapatha Finance Managing Director Ananda Seneviratne |
Siyapatha Finance PLC recently posted a steady financial growth for the first half ended June 30, 2024.
The company recorded a profit after tax (PAT) of Rs.513 million, indicating a 189 percent increase compared to the corresponding period last year, while the profit before tax (PBT) grew by 133 percent compared to the preceding year and stood at Rs.1,215 million.
During the period, the net interest income saw a notable upsurge of 70.0 percent to reach Rs.2,078 million, compared to Rs.1,223 million recorded during the previous year – an increase fundamentally attributed to the significant decrease in interest expenses as at June 30, 2024.
The company posted a return on assets and return on equity of 4.35 percent and 13.29 percent, respectively, while maintaining a cost-to-income ratio of 55.59 percent, reflecting a positive movement of 13.93 percent compared to the same period in the previous year.
The finance company witnessed satisfactory financial stability against socioeconomic shocks during the period in review. This was reflected by Tier 1 and total capital adequacy ratios that stood at 16.43 percent and 19.42 percent, respectively, surpassing the statutory minimum ratios of 8.50 percent and 12.50 percent.
In terms of asset quality, the period under review recorded total assets at Rs.56 billion, compared to the Rs.47 billion recorded during the corresponding period last year. Further, it is evident that the asset quality of the portfolio has improved with the reduction of the non-performing advances ratio by 7.74 percent.
Established in 2005 and regulated by the Central Bank of Sri Lanka, Siyapatha Finance PLC has garnered and secured a reputation as a premier finance company, renowned for its commitment to excellence and customer-centric financial solutions.
A listed entity on the Colombo Stock Exchange for over a decade, Siyapatha Finance PLC‘s diverse portfolio encompasses finance leasing, loans, gold financing, revolving loans, factoring and an array of other financial services. Fitch Ratings has affirmed Siyapatha Finance PLC’s National Long-Term Rating at BBB+ (lka), with a Stable Outlook, endorsing the company’s solid financial standing with promising growth trajectory.
Siyapatha Finance PLC, the largest fully-owned subsidiary of the Sampath Bank group, boasts an islandwide network of branches, including in the North and East, ensuring its customers are provided with the best-in-service delivery standards. Over the past 19 years, the company has contributed to the development of small and medium entrepreneurial efforts as well as the fulfilment of individual financial needs across the island.