UB Finance performs strongly

UB Finance recorded a significant improvement in business volumes during the year 2015/16, in comparison with the previous financial year. Income for the period increased by 64% to Rs. 1,055 million and the total operating income for the period also increased by 104% to Rs. 508 million. The profit for the year 2015/16 was Rs.78 million in comparison to Rs.12 million in 2014/15.

The depositor base increased from Rs.2,825 million to Rs.4,236 million being a 50% increase, highlighting the confidence placed by depositors in the Company.

Loans and receivables from customers grew from Rs. 3,729 million to Rs. 6,479 million, an increase of 74% due to the substantial investment in channel development and networking. The total assets increased by 67%, with the asset base standing at Rs.8,222 million as at 31.03.2016.

Alex Lovell, Chairman of UB Finance expressed his satisfaction over the results during the year.

He said that the progress the Company achieved during this period will provide a positive platform to leverage sustainable growth in the forthcoming year and help UB Finance to successfully journey towards its aspirations of positioning itself as the preferred financial services provider.

Ransith Karunarathne, Chief Executive Officer of UB Finance said, "We are pleased to see the recent restructuring and development efforts have yielded a robust performance and have helped give the Company a significant boost to gear up to meet the challenges of the future."

UB Finance is backed by a private sector commercial bank. As a Union Bank company, UB Finance leverages on the expertise of Union Bank for guidance in operations.