Vallibel Finance pre-tax profit passes Rs. 1.39 b

Vallibel Finance PLC reported its strongest performance ever on the back of yet another resoundingly impressive financial year with key indicators for the year 2016/2017 returning exceptional reading, firmly entrenching the company’s standing as the name-bearer of diversified Vallibel Group and a leading light of the robust finance industry.

Gross profits rose by a momentous 45.30%, crossing the 1 billion threshold reaching Rs. 1.3 billion as against the previous year’s figure of Rs. 911 million.  The announcement comes in the wake of two global awards for the company from the Banking and Finance Review, capping an extraordinary year of highs.

Income, despite challenging times across markets, grew impressively, reaching Rs. 5 billion. The increase in gross income marked a 47.5% increase over the previous year’s figure of 3.46 billion, further consolidating the company’s ability to steer through stormy waters.

Rising public confidence in Vallibel Finance was once again illustrated by deposits which amassed to Rs. 17.8 billion from the previous year’s Rs. 14 billion, a significant rise of 20.67% considering a highly competitive outlook in deposits mobilisation. “The feeling on board the rising financial star is one of sheer ecstasy for two reasons. The public has once again showed its unbridled confidence in us as our annual report shows a year of unparalleled highs in the history of the company in which Vallibel Finance was also bestowed with international recognition, says Vallibel Finance Managing Director Jayantha Rangamuwa.

Crossing yet another milestone was the company’s asset base which leapfrogged to Rs. 30.7 billion from Rs. 22.8 billion in the previous financial year. The 34.8% growth in this key indicator mutes testimony to a new-age financial tradition in the making. The figures go on to show that people across Sri Lanka have endorsed the company’s refreshingly unique brand of financial stewardship.

“A truly triumphant year indeed for Vallibel Finance! To record its best ever performance and to walk away with two prestigious global awards are laurels that make the entire Group proud of its name-barer.  I note with pride how Sri Lankans across the land have placed their trust in a company with a relatively short history.  That’s financial stewardship of the highest order,” says Vallibel Group Executive Director and Founder Chairman Dhammika Perera.

The lending portfolio increased by 34.8% to Rs. 24.7 billion in the financial year 2016/17, as against the previous year’s Rs. 18 billion. Four new branches opened during the financial year as the company continues to take measured steps as it steers forward in a challenging market.

Decade of success highlights the company’s ability to leverage on innovation in crafting financial products for all sectors of the economy including those marginalised and that means threading off the beaten-track in order to net in a wider section of society into financial inclusion.

Continuous impressive performance and global recognition make the company’s 10th year anniversary all the more momentous, illustrating just what it means for a relatively young finance company to emerge as a trailblazer. Vallibel Finance has also been listed in LMD’s leading 100 brands in Sri Lanka.  

“For our customers, our stakeholders and our staff, there’s every reason to be jubilant as the new financial star of Sri Lanka looks set greater vistas,” avers Rangamuwa while also pointing to the company’s acumen and commitment in clocking consistently impressive performance, year on year, bearing good news to its customers and stakeholders even during challenging  times.