Vallibel Finance PAT up 8%

Vallibel Finance recorded an impressive all-round performance on the back of a strong first half. The company posted an interest income of Rs 1,393 million for the six months ending September 2014, an increase of 20% compared to the corresponding period of the previous year.

The name-bearer of the iconic Vallibel Group continues to enjoy public confidence with its fixed deposits swelling by 35% to a landmark Rs 10.2 billion. The deposit base stood at Rs 7.6 billion during the corresponding period in 2013.

The climb amplifies the company's ability to sustain a healthy deposit portfolio even during challenging times. Total assets saw a steady ascent, rising 26% to cross the Rs 13.7 billion mark.

The PBT was Rs. 241 million while PAT rose 8% from Rs. 135 million to Rs 147 million.

"We strongly believe in building on exemplary values that build trust. The results are an overwhelming vote of confidence for the company and will spur us on as we evolve in size and capacity," said Managing Director, Vallibel Finance PLC, Jayantha Rangamuwa.

"What makes our performance noteworthy is the way we focus on building a quality portfolio through personalised efforts," he said.

Vallibel Finance was ranked among the top 50 most respected entities in the country by LMD in its 2014 survey and its significant rise in brand equity was recognised in LMD's top 100 Most Valuable Brand Survey 2014 where Vallibel Finance's rank rose to 67th, standing alongside some of the greats of the banking and finance sectors.

Rangamuwa said that continuous good performance in a competitive and volatile industry is mute testimony to the core strengths on which a business is built.

"The macro-economic landscape saw challenging times again but the company's resilient performance reinforces its growing stature in the public domain. We have systems and processes built on accountability and customer interface is driven on offering financial solutions that understand people's aspirations and ability," he said.

The company continues to expand geographically and has seen new Service Centres operating with state-of-the-art technology in Kalutara and Anuradhapura with openings slated for Kegalle, Narahenpita, Kaduruwela and Wattala to improve access to its financial service portfolio.