Vallibel Finance seeks change of rating agency from Fitch to RAM
Vallibel Finance PLC has requested a withdrawal from the Fitch
Ratings, as per a Company spokesman. The withdrawal of the finance
company from Fitch Ratings results in Ram Rating entering as the rating
agency for the institution in future.
RAM Ratings Lanka has assigned Vallibel Finance PLC respective long
and short-term initial financial institution ratings of BB+ for the long
term with a stable outlook and NP for the short- term.
The rating comes in consideration of aggressive loan growth and
increases in new deposits.
Respected investor Dhammika Perera's Vallibel Investments own a
majority72.87 per cent of Vallibel Finance. The company provides a gamut
of financial services including leasing and hire-purchase, pawn broking,
micro finance facilities out of the nine branches and five collection
centers it operates in a growing island-wide network.
Emerging financial virtuoso Vallibel Finance recorded momentous
growth with the company announcing an impressive balance sheet for the 9
months ending December 2012. Pre-tax profits rose to Rs.333.7M, a 7%
increase over the corresponding period of the previous financial year.
Total assets expanded to Rs. 8.66 bn from a previous Rs. 6.67bn, an
increase of30%. Deposits, the strongest indication of public confidence,
swelled to Rs.5.45 bn from Rs. 3.91 bn, an increase of Rs.1,546 mn from
Rs.905 mn in the same period in 2011.
|