23 November 2021 12:25 am Views - 319
Despite the pandemic-induced economic challenges, Vallibel Finance PLC ended the first half of the 2021/22 financial year on a strong note, reflecting an upsurge in gross income by as much as 22.8 percent to reach Rs.5.4 billion, in comparison to Rs.4.4 billion achieved in the first half of 2020/21.
Continuing on its robust growth trajectory, the company reported a net interest income of Rs.2.7 billion for the first half of the financial year, up by a robust 52.1 percent from the same period in 2020, which demonstrates that the company continued to extend loans to customers to help them tide over the liquidity crunch and financial hardships caused by lockdowns and economic slowdown. Meanwhile, interest income showed a growth of 13.9 percent. Total operating income grew by 62.6 percent to Rs.3.5 billion, from Rs.2.1 billion in 1H 2021/22.
Commenting on the impressive financial performance, Vallibel Finance PLC Managing Director Jayantha S.B. Rangamuwa said, “We are pleased to report strong results for the first half of FY201/22. Vallibel Finance PLC has successfully sustained its total asset base at Rs.65.5 billion as at September 30, 2021. The company’s capitalisation levels and liquidity levels remain above regulatory minimums. Moreover, the loan portfolio reached Rs.54.9 billion as at September 30, 2021, showing a solid growth of 15 percent over March 31, 2021. This performance infuses further confidence in our stakeholders.”
Notwithstanding the challenges that abounded during the year under review, especially with regard to recovery and collections, due to lockdowns and lower levels of economic activity, the gross non-performing loan (NPL) ratio was successfully maintained well below the industry norm at 5.51 percent.
Vallibel Finance has built a reputation as a highly-trusted financial services partner, which is evident in the fact that during the year under review, the company grew its deposit base from Rs.32.1 billion to Rs.35.0 billion, despite the challenges emanating from the pandemic.
As a result of demonstrating exceptional performance across all its KPIs, including growth, stability, profit and expansion in the face of challenges from the pandemic, Vallibel Finance was awarded Best Finance Company 2021 by Global Economics.
Further cementing its credentials in the financial space, Sri Lanka’s premier financial services provider, Vallibel Finance PLC was recently crowned Best Vehicle Leasing Company 2021 by the prestigious Global Banking and Finance Review. Leasing is its core business and the company has expanded its leasing portfolio successfully year after year by offering speedy and flexible leasing solutions with greater customer convenience.
In conclusion, Vallibel Group Chairman Dhammika Perera added, “I am proud of Vallibel Finance for forging ahead as a market leader in the footsteps of the Vallibel group. Its performance in the first half of the financial year under review, despite the challenges from the pandemic, reflects its strong management expertise and exceptional team.”