Vallibel Finance posts 73 percent increase in deposits
Achieving an overall growth in terms of assets, profit, income and
customer deposits in spite of challenging economic times and
multi-dimensional competition, Vallibel Finance is reported to have made
the Group’s vision of bringing in a robust new player into the financial
sphere come true.
|
Dhammika Perera |
During the year ended March 2009 the Company achieved a significant
57 percent increase of Rs.1.55Bn in its asset portfolio, comprising hire
purchase and leases. Maintaining its growth momentum the Company was
also successful in bringing down its Non-Performing Loans (NPL) to a
healthy 3.51 percent which is very much lower than the industry average
of 7 percent.
This was due to prudent and pragmatic credit evaluation and effective
recovery processes set in place.
Vallibel Finance’s gross interest income of Rs.119Mn in the financial
year 2007/08 grew by an impressive Rs.357Mn, an increase of 198 percent.
The company’s gross profits too recorded a growth of Rs.146Mn, up 164
percent compared to last year’s profit of Rs.55.6Mn.
Vallibel continued to successfully draw in investor deposits even
amidst economic turmoil; the Company’s deposit collection increased by
73 percent from Rs.473Mn to Rs.820Mn during the year.
Vallibel Finance was also successful in maintaining a commendable
Liquidity Ratio of 32 percent, very much higher than the industry
average and the required Central Bank rate of 10 percent.
Vallibel Finance is registered by the Monetary Board of the Central
Bank of Sri Lanka under the Finance Companies Act and the company is
rated by Fitch Lanka B + lka. The principal lines of business handled by
the Company include Hire Purchase, Leasing, Fixed Deposits, Auto Finance
etc.
“Vallibel Finance’s resounding success in its initial two years shows
the confidence placed by the public on the Vallibel name. We have always
strived to exceed the expectations of our investors, and I’m proud to
see the newest financial star under our fold, carrying on the legacy,”
said Chairman Dhammika Perera. |
