ETI profits grow 409%

ETI has recorded a Profit After Tax (PAT) of Rs.326 million, a 409 percent growth as against Rs.64 million in the corresponding period of last year. Profit before tax has increased by 268 percent from Rs.111.8 million to Rs.411 million. The pawning sector, the core business of ETI has been the main contributor towards this significant growth.

ETIs total turnover has risen from Rs.2.1 billion in 2009/10 to Rs.2.5 billion in 2010/11 showing an increase percentage of 19. The total assets in 2010/11 have shown a figure of Rs.14.6 billion, as against Rs.11.9 billion with a 22 percent increase.

The NPL ratio has been halved to 1.23 from 2.22 in 2009/10, showing tremendous growth in the quality of earning assets. The total Loan Portfolio shot up to Rs.7.5 billion from Rs.5.2 billion last year.

The quality of loans in ETIs loan portfolio has been managed well to reduce the NPL ratio.

Careful monitoring and constant updating of MIS to implement proper investment plans has paved thes way for ETI to achieve these heights, said ETI CEO Mahendra de Silva.