Vallibel Finance reports strong growth despite challenges
Vallibel Finance, reporting its financial results for the financial year ended March 2020, stated it managed a positive performance, with revenue rising to Rs 9.7 billion against Rs 8.7 billion the year before.
Despite the impacts of Easter Sunday and the COVID-19 pandemic, the top-line saw a growth of 11.12 per cent, while the Non-performing loans (NPL) ratio was maintained at 5 per cent.
The Company’s Loan Portfolio expanded to
Rs 41.1 billion in the period under review, a growth of 5.4 per cent from a Rs 38.9 billion previously. Meanwhile, Net Interest Income grew by a healthy 20.64 per cent, crossing Rs 4 billion as against Rs 3.3 billion in the previous financial year.
Vallibel Finance stated that all key indicators delivered year-on-year growth despite market volatility, with pre-tax profits for the year growing by 6.93 per cent to reach
Rs 2.4 billion from Rs 2.2 billion the year before. Deposits amassed to Rs 29 billion, growing by 14.97 per cent over the previous year.
“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 Vallibel Finance MD, Jayantha Rangamuwa.
“In a year devastated by external volatility it was a litmus test for the finance world, but Vallibel Finance has not only been able to come out with heads high, but at the same time, stand firm in its commitment to its customers across the country,” stated Vallibel Finance Chairman, Dhammika Perera.
The Total Equity column showed resilience, expanding 18.40 per cent to Rs 6.4 billion in the financial year ending March 2020. The figure for the previous year was Rs 5.4 billion. A 7.89 per cent growth was recorded in the company’s asset base, which rose to Rs 51.4 billion from Rs 47.6 billion the year before. Total Assets stood at Rs 51 billion, increasing by 7.89 per cent from the previous year’s figure of Rs 47 billion.
Vallibel Finance concluded the financial year on a high recording the second-highest rate of growth in Brand Value for the 2019, with a growth rate of 108 per cent, while upgrading the brand rating of Vallibel Finance to “A+“in 2019.