Vallibel Finance records steady growth

Vallibel Finance PLC recently released its financial results for 2013.

The financial institution saw its gross profits amass to Rs. 490 million sustaining its remarkable momentum. The gross profit was a 5% increase compared to the previous year.

Interest income showed a 36% rise to Rs. 2.44 billion compared to the previous year's Rs. 1.79 billion.

The company continued to see public trust grow exponentially with deposits increasing by a massive 44% to reach Rs. 9 billion compared to the previous year's Rs. 6.27billion.

Total assets saw a steady ascend, rising 32% to cross the Rs.12 billion mark. Despite a lacklustre demand for credit in the market, Vallibel Finance saw its lending portfolios growing across the spectrum with total lending reaching Rs. 10.23 billion.

This amounts to a 33% growth from the Rs. 7.76 billion recorded in 2013. "When you have raised the bar and that too during a tough and challenging period as a newcomer, the market expects you to sustain the momentum," a bank official said.