Orient Finance net profit up 23%

According to the un-audited Interim Financial Statement for the Financial Year ended March 31, 2013 released to the Colombo Stock Exchange, Orient Finance PLC has recorded a 23% increase in Net Profit after Tax over the previous year to Rs.168.4 million.

Income for the year recorded a growth of 70%, registering Rs. 825 million as against the Rs. 529 million income recorded in the previous year.

The company's Earnings Per Share (EPS) improved to Rs. 1.46 for the year from Rs.1.30 in the previous year, a 23% increase.

The Company's net lending portfolio increased to Rs. 3.3 billion from Rs. 2.2 billion as at March 31, 2012, a 49% growth despite the decrease in the overall demand for motor vehicles.

During the year, five window offices at Anuradhapura, Gampaha, Galle, Kalutara and Kandy were converted to full-fledged branch status while three window offices in Jaffna, Kllinochchi and Batticloa were opened.

The company will upgrade more window offices to full-fledged branches during the current financial year.

Having obtained the Finance Business licence from the Central Bank in June 2012, the company began mobilising public deposits in August 2012.

During the year the company has also added Gold Loans to its product lines to become a full service provider in the financial services sector. The company pioneered the concept of 365-day leasing through its upgraded Welisara branch in December 2012.

Orient Finance PLC is licensed under the Finance Business Act No. 42 of 2011 by the Monetary Board of the Central Bank. It has a Rating of BBB- (Stable outlook) from ICRA Lanka.