Vallibel Finance ends FY 23/24 with strong financial performance

Vallibel Finance recorded a strong performance for the year 2023/2024, with the company recording a pre-tax profit of Rs.4.6 billion (68.1 percent increase year-on-year (YoY) in comparison

with Rs.2.7 billion recorded in 2022/23.
As of March 31, 2024, total income surged to Rs.20.03 billion, from Rs.16.70 billion in 2022/23, primarily driven by revenue from loans and advances. The gross loan portfolio experienced a remarkable turnaround, achieving an 11.2 percent growth.

All key performance indicators (KPIs) exhibited robust expansion, including fixed deposits, lending, the pawning portfolio and overall profitability. 
The NPL ratio, a measure of nonperforming loans, decreased to 5.88 percent at the year-end, compared to the 6.16 percent recorded at the end of the previous financial year.  
The NPL ratio continues to be significantly lower than the industry average. A 59.9 percent increase was recorded in earnings per share (EPS) in 2023/24 compared to the previous financial year from 54 percent. Rs.5.69 recorded during the previous year.

The deposit base expanded to Rs.58.6 billion, marking a growth of 18.1 percent YoY. The company’s total assets increased by 13.2 percent to Rs.93.17 billion, compared to the Rs.82.32 billion recorded in the previous financial year.
Vallible Finance also announced the payment of Rs.2.5 billion in corporate income tax and taxes on financial services for the fiscal year 2023/24, which is 50 percent of the total profit. This is a significant increase from Rs.1.4 billion paid in the previous fiscal year 2022/23.

Commenting on the performance, Vallibel Finance Managing Director Jayantha Rangamuwa said achieving the milestone despite headwinds reflects the robust nature of our people and processes, backed by digital technology and data-driven insights.
“I am heartened by the selfless contribution by the entire staff in surpassing the targets set for the year. Our closeness to our customer base continues to deepen with the opening of new branches during 2023/24, to make our services accessible to more Sri Lankans,” he said.