Softlogic Finance records Rs. 153 m PBT

Softlogic Finance PLC continued its strong growth momentum in the first half of the 2015 financial year (1H, FY15), recording remarkable growth across the board, including double digit improvements in many key indicators.

Within the six month period ending September 30, 2015, on a year-on-year (YoY) basis, Softlogic Finance's Total Operating Income grew by 18% to Rs. 992 million, while Profit Before Tax (PBT) surged 39% to Rs. 153 million and Net Profit by 36% to Rs. 125 million.

Customer deposits grew by 20% YoY to Rs. 12,989 million and Loans and Receivables was up 72% YoY to Rs. 11,003 million. Many other key indicators too witnessed significant improvements. Net Operating Income for the period was Rs. 780 million, an expansion of 21% YoY. Total Assets grew by 6% to Rs. 20,475 million. Reflecting greater efficiency, the company's cost-to-income ratio too declined YoY from 59% to 58%.

Impairments for loans and receivables for the first half of 2015 stood at Rs. 212 million while Net Assets per Share as at September 30, 2015 was Rs. 39.

Deputy Chairman, Softlogic Finance PLC, Harris Premaratne said, "Softlogic Finance takes great pride in this characteristically strong financial performance as it underscores our high growth trajectory, solid fundamentals and the prudence of our business strategy. Further, improvements have been achieved in many diverse key indicators reflecting the high-quality and sustainable nature of growth."

"These results have been achieved despite significant increase in our commitments to reward and further develop our staff, by incentivizing them to achieve strategic objectives and to retain high levels of productivity," he added.