Abans Finance rides high on Hero motorcycles

Monday, 10 November 2014 00:00 -     - {{hitsCtrl.values.hits}}

Abans Finance a public quoted company, registered with the Central Bank, are happy to announce that they have recorded healthy pretax earnings of Rs. 50.6 million for the first half of 2014/2015. Net interest has improved by 49.1% to Rs. 197.8 million with a total operating income of Rs. 226 million. Impairment charges for the period were down to Rs. 39.2 million from Rs. 65.4 million. The growth recorded is mainly due to higher earnings from leasing of Hero Motor Cycles and from increased deposits. Net operating income was Rs. 186.8 million after charging personal cost of Rs. 52.5 million and other operating expenses of Rs.78.7 million. The total assets of the company stand at Rs. 4320.9 million. The total deposits increased by Rs. 51.6% and reached Rs. 3271.6 million as at 30 September 2014. Abans Finance PLC is backed by the strength of Abans PLC one of the leading importers of electrical and electronic household appliances with a network of over 400 showrooms and authorised dealers islandwide. The principal lines of business carried on by Abans Finance PLC are short and long term deposits, finance leasing of vehicles, mortgage loans and personal loans through their Head Office in Colombo and branches in Anuradhapura, Badulla, Dambulla, Jaffna, Gampaha, Galle, Kandy, Kurunagala and Ratnapura. The directors of the company are Rusi Pestonjee, Kithsiri Wanigasekara (Managing Director), V.K. Choksy, Channa Pathirana and Ajith S. Ratnayake.