Vallibel Finance posts solid performance in challenging year

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Vallibel Finance recorded a pre-tax profit of Rs 4.7 billion (67.1% increase) in comparison with Rs 2.3 billion recorded in 2020/21. Profit after Tax rose to Rs 2.9 billion from Rs 1.7 billion in the previous year.

The company’s prudent financial discipline is reflected in its Non-Performing Loans (NPL) ratio strengthening to 2.73 % from 4.48% in the previous year despite the deterioration in the economy. 

Gross Loan Portfolio expanded to Rs 65.6 billion in the period under review from Rs47.7 billion previously, reflecting a growth of 37.5 % as a result of the company’ constant growth strategy.

Customers demonstrated strong loyalty and placed their faith in Vallibel Finance to safeguard and enhance their wealth. Deposits soared to Rs 41.0 billion, a commendable growth by27.5% from Rs. 32 billion in the previous year. Total Assets increased to Rs 77.6 billion, expanding by 40.7 % from the previous figure of Rs 55.2 billion, he added.

“We have been able to record impeccable performance, both qualitative and quantitative during a very challenging and daunting period of time. This is a testament to the ability of our remarkable workforce, our strength, our dedication, our constant need to better ourselves and implementations of our high performing strategies” said Managing Director, Jayantha Rangamuwa, adding “Achieving profitability amongst the challenging operating conditions in the year under review proves the stability, wealth of professional people and processes which are the real assets of Vallibel Finance. It is the dedication of the entire team and the effective business model and governance framework that empowers us it’s to create wealth and prosperity for all its stakeholders and shareholders”.