Vallibel Finance ups profits by 91%

Vallibel Finance recorded 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.

The first quarter of the new year showed Vallibel's profits rising by 91%. Leasing and Hire Purchase increased from Rs. three billion at the beginning of the quarter to Rs. 3.6 billion at its end, a 19% increase.

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 and its total deposits from 2.59 billion to 2.92 billion, a rise of 13% within the span of a quarter.

Its Non-Performing Loan (NPL) ratio remains one of the industry's finest at 1.02, an improvement on the previous year's ratio of 1.07.

"We had a truly outstanding quarter," said Managing Director Jayantha Rangamuwa. "For a company launched during such an uncertain period, we have seen substantial growth even during that bleak period of time. I believe our team's ability to maintain this upward momentum has helped us achieve these phenomenal results and will continue to propel the company forward to reach even greater heights in future."

"We have always maintained a constant positive outlook, during the year when market conditions were extremely volatile as well as during the following year when post-war conditions improved drastically. Our vision for the company has not changed and in this positive climate, we are now more than ever committed to taking our revolutionary financial tools to the masses at the grass roots level."