Vallibel Finance: Deposits hit Rs. 14b mark

Vallibel Finance PLC has performed well during the financial year 2015/16, a company press release said.

Managing Director of Vallibel Finance, Jayantha Rangamuwa attributed the growth of the company to visionary business strategy, unwavering accountability and passionate team. The all-important factor that shapes the company's future, he says, is the public confidence in the company.

"Every business entity starts with great plans but it's when all great plans beautifully falls into place you know that the company has responded well to its calling.

From evolving strategy that responds to market dynamics, understanding the needs and aspirations of the people you serve, ensuring delivery and accountability, I'm pleased to say that Vallibel Finance has delivered on all fronts," Rangamuwa said.

A 44% increase in pre-tax profits and positive indicators across the field points to a another impressive year. Gross profits rose to Rs. 911,735,577 for 2015/16 as against Rs. 632,942,731 recorded the previous year.

"Deposits, the yardstick of public confidence, continued its ascendency, reaching Rs.14 billion," Rangamuwa said. He attributed it to the company's insightful strategy that drives prudent financial stewardship on one hand and its ability to win hearts and minds of people across the country. The fixed deposit growth recorded a rise of 21.72% over the previous year's figure of Rs. 12 billion.

"Growing at an impressive 34.77% the company's asset base reached Rs. 22 billion over the previous year's figure of Rs. 16 billion.

The lending portfolio increased by 47.03% year-on-year. Total lending stood at Rs.18 billion rising from the previous year's Rs.12 billion," Rangamuwa said.