Vallibel Finance 1Q pre-tax profit up by 91% to Rs. 88m

Monday, 15 August 2011 00:46 - - {{hitsCtrl.values.hits}}

The Vallibel group’s youngest financial star Vallibel Finance continued on the steady path of success it has been charting, by recording healthy figures for the first quarter of the financial year 2011/2012.

The company has recorded significant growth in all areas of its financial portfolio with hire purchase, leasing, deposits and total assets increasing during the first quarterly period.

Taking off from the staggering growth shown during the previous financial year, the first quarter of the new year showed Vallibel’s pre-tax profits rising by as high as 91% to Rs. 88 million. After tax profit was Rs. 48 million, up by 139% over the first quarter of last financial year.

Leasing and Hire Purchase increased from Rs. 3 billion at the beginning of the quarter to Rs. 3.6 billion at its end, a 19% increase showing the improving customer interest and confidence in Vallibel’s portfolio.

The company was also able to foster the growth of its total assets by 23% from Rs. 3.8 billion to Rs. 4.7 billion. Complementing this was its success in increasing total deposits from 2.59 billion to 2.92 billion, a rise of 13% within the span of a quarter. In addition to this, as evidence to the strong fiscal discipline administered by the company, its Non-Performing Loan (NPL) ratio remains one of the industry’s finest at 1.02, a further improvement on the previous year’s ratio of 1.07.

Headed by a Board of Directors which boasts names that are benchmarks in themselves within the financial sphere, Vallibel has been a true success story since it entered the public domain.

The Vallibel mission to bring modern financial tools to people across the country has never been more vital than it is now. Vallibel’s post-war promise to help the people grasp new opportunities as the country rises out of crisis is reflected in the company’s expansion plans, which will see Vallibel opening their doors everywhere including the north and east. The latest of such ventures is the company’s plan to open their newest branch in Matara.