UB Finance continues its growth momentum in Q1

Leveraging on the solid platform built over that past three years, UB Finance continued its growth momentum in to the first quarter of 2016/17. The impressive first quarter results are a reflection of the organizations ongoing progression following the landmark investment from TPG, the global private investment firm, in its holding company Union Bank. UB Finance is now well on track to achieving its set targets and strengthen its position as a top financial services provider.

UB Finance Company Ltd commenced the year on a positive note posting a Profit Before Tax of Rs. 46.3 mn for the quarter which is a significant increase from last year quarter . Total Income also increased by 79% year on year to Rs. 378 mn. The Company Deposit base grew by 75% to Rs. 5.27 Bn from Rs. 3.01 Bn highlighting the continued confidence on the Company. Total Assets grew to Rs.8.55 Bn from Rs. 5.41 Bn indicating 58% increase as a result of the substantial investment in channel development and networking.

Ransith Karunaratne, Director/Chief Executive Officer of UB Finance expressed his satisfaction over these results which reflects the organization's potential and ability to continue to emerge as a strong performer in the Industry. He also stated that the growth that UB Finance has achieved in this quarter will provide a positive platform to leverage sustainable growth in 2016/17.

Karunarathne also disclosed that the organization will continue to invest in brand building, technology and network expansion. Value additions to existing product portfolios and launching of new products to deliver unique value propositions to customers are being considered to strengthen the company's focus of being Sri Lanka's preferred financial provider.

The launch of a dedicated, fully functional UB Finance Premier Factoring Service Centre in Colombo 4 will also support the Company to significantly grow its factoring business and promote better customer engagement. UB Finance has also streamlined its operations to ensure maximum efficiency and cost saving throughout the entire organization.