Alliance Finance's net profit up by 300%

Alliance Finance Co PLC (AFC) recorded an impressive profit of Rs 295 million for the 9 months ended Dec 31, 2011 which is a growth of 300% when compared with the profit of Rs 74 million recorded in the similar period in 2010. AFC's turnover also reached Rs 4.017 billion in the same period. This is a growth of 12% when compared with the turnover of Rs 3.597 billion recorded in the similar period in 2010.

The company also surpassed the Rs. 6 billion mark in deposits and reached Rs 6.191 billion by Dec 31, 2011 this is an annualized growth of 24%. The advances also grew by a staggering 52% to reach a portfolio of Rs 8.8 billion in the first 9 months, up to December 31, 2011.

Non performing advances of the company improved from Rs 277m to Rs 251m by December 31, 2011 which reflect a decline of 10% when compared with the similar period in 2010. The decline of non performing advances has contributed to the improvement in the gross NPL ratio to 2.83% in the third quarter in 2011 from 5.39% in the similar period in 2010.

The Company recently won the prestigious Silver Award in the "Specialized Banking & Financial Services Sector" category at the National Business Excellence Awards 2011, organized by the National Chamber of Commerce of Sri Lanka.

In an independent survey carried out by LMD and Brand Finance, Alliance Finance PLC was ranked 61st among the Top 100 Most Valuable Brands of Sri Lanka. AFC has a BBB/P2 rating from RAM International.

As at date the company has an islandwide net work of 66 consisting 15 branches, 18 Collection Centers and 33 Gold Loan Centers.