Nation Lanka Finance continues growth momentum in 1H 2015/16

Nation Lanka Finance (NLF) in a statement said it has continued its momentum of growth by recording an impressive revenue of Rs. 1.04 billion in the first half (1H) of 2015/2016.  

The company has increased its revenue by 90% in comparison to 1H2014/2015 and has reported a profit before tax (PBT) of Rs. 126 million during the period under review, a significant gain over the loss of Rs. 176 million, which was recorded in the previous year.

NLF’s dynamic growth has been attributed to the company’s strategic turnaround, which renewed its focus on streamlining core processes, delivering good governance, increasing compliance and strengthening new business initiatives. 

The company’s operations in 1H of 2015/2016 showed accelerated growth in key business areas such as core lending, microfinance and pawning services, which brought in a total of Rs. 1.8 billion, Rs. 2.2 billion and Rs. 476 million respectively. Core lending increased by 201% in comparison to the same period in the previous year, microfinance lending increased by 74% and pawning services recorded a significant year-on-year growth of 338%.

The company’s total assets increased in value by 43% to Rs. 7.56 billion and NLF’s net interest income also increased by 144% over the same period in the previous year to Rs. 661 million.

Operating income amounted to Rs. 651 million with a year-on-year growth of244%.During 1H 2015/2016, the company grew its funding base by 147% and its lending base increased by 26% after NLF successfully reached and engaged with wider and more diverse customer segments.

The company has made a concentrated effort to position itself as a leading financial services provider and a responsible corporate citizen across all aspects of its operations. It has also managed to successfully develop its core products and ensure dynamic growth across all key areas of its portfolio.

Commenting on the company’s new direction and performance, Nation Lanka Finance Chairman Jayantha Dharmada sastated: “We have successfully completed the initial stages of our strategic turnaround and the Nation Lanka Finance team has delivered an exceptional financial performance that demonstrates our strength and stability as a corporate institution.  I would like to commend our CEO Jayantha Perera and his team for working tirelessly to surpass our financial targets whilst simultaneously strengthening our brand presence across the island. NLF is backed by the Nawaloka Group and our primary focus is growing the wealth of our nation and its people.  The new journey, which we embarked upon earlier this year has yielded fruitful returns and has enabled us to maintain our profitability whilst developing our core product offering. As we look ahead to the future, we remain committed to building on our long-standing legacy of serving the local finance industry and the people of Sri Lanka.”

Also commenting on the company’s financial results, Nation Lanka Finance CEO Jayantha Perera stated: “I am extremely pleased to report NLF’s positive growth in 1H of 2015/2016. We have continued to operate according to high standards of compliance and we have worked towards adhering to all mandatory regulations set by the Central Bank of Sri Lanka. We have also managed to lower our operational costs, increase our overall efficiency and build our lending base by instilling a greater level of trust and loyalty amongst our current customers, whilst simultaneously extending our offering to new customer segments. This in turn has enabled us to increase our new business growth and deliver increased value to all of our key stakeholders. In the future, we look forward to building our brand further and we shall strive to ensure that even more customers have access to our affordable and reliable portfolio of financial solutions.”

In all of its endeavours, Nation Lanka Finance remains dedicated to serving the nation and its people. The company offers its customers a diversified range of practical financial products and services, which are delivered in an efficient and professional manner. Nation Lanka Finance is licensed and regulated by the Central Bank of Sri Lanka and has a rich heritage extending over 28 years. 

The company is committed to shareholder value-maximisation and has built its reputation on strong connections with local communities and stakeholders. Over the years, NLF has gradually expanded its network and now has a strong presence in 25 location points across Sri Lanka. Nation Lanka Finance is committed to ensuring that customers from all communities and walks of life, can access the company’s services and benefit from elevated standards of living.