Vallibel Finance pre tax profits hit Rs. 404m

Vallibel Finance PLC recently announced its provisional financial performance for the recently concluded Fiscal Year 2011/2012.

The total Interest Income of Vallibel Finance grew by 86 percent year-on-year from the Rs. 595m recorded as at March 31, 2011, to stand at Rs. 1,105m as at March 31, 2012.

Pre-Tax Profits rose to Rs. 404m as at the end of the Fiscal Year, ascending 75 percent from the previous year's Rs. 231m. Profit After Taxation too doubled, rising by 114 percent over the year to stand at Rs. 230m at the end of the year.

During the previous year, the company was ranked among the most respected entities in the country by LMD, in its 2011 survey and also that its significant rise in brand equity was recognised in LMD's Most Valuable Brand Survey 2012; Vallibel Finance's rank rising to 58th in the survey, alongside some of the greats of the banking and finance sectors.

"The positive trajectory of the company's profits is certainly encouraging for all of us at Vallibel Finance", said Managing Director, Jayantha Rangamuwa. He said that the upward trend was possible due to the careful investment in profit-worthy ventures as well as diligent management of overheads by the company.

"We have also increased our asset base by 72 percent over the year", said Rangamuwa as the company records a total asset base of Rs. 6.6b at the end of the current financial year, an increase from the previous year's Rs. 3.8b and moreover, well above the industry average.Fixed Deposits form an important part of the portfolio and total Deposits which were Rs. 2.5b last year grew by 51 percent to reach Rs. 3.9b at end March 2012.

The Net Non-Performing Loan Ratio (NPL) stood at an industry-benchmark steady 0.77 percent.

Chairman of Vallibel, Dhammika Perera said that the financial performance has proved that Vallibel Finance is a rising force in the financial sphere" "It has far-surpassed expectations and continues to move up the ranks of the financial sphere over a very short period amid fierce competition".