Vallibel Finance profits up 158.1%, Assets up 18.7% to 65.5 billion
Despite the economic challenges brought about by the pandemic, Vallibel Finance PLC ended the first half of fiscal year 2021/22 on a strong note, reflecting an increase in gross income of 22.8% to reach Rs. 5.4 billion compared to at Rs. 4.4 billion reached in the first half of 2020/21.
This exceptional performance was guaranteed by the opening of its loan portfolio, the increase in margins and the guarantee of a competitive cost of funds. As a result, profit for the period under review climbed to Rs. 1.3 billion Rs. 0.5 billion recorded in the corresponding period of the previous year, reflecting an unprecedented growth of 158.1 billion. %.
Continuing on its robust growth path, the company reported net interest income of Rs 2.7 billion for the first half of the year, up 52.1% from the same period in 2020, this which shows that the company has continued to grant loans. to clients to help them overcome the cash flow shortage and financial difficulties caused by bottlenecks and the economic downturn. Meanwhile, interest income grew 13.9%. Total operating income increased 62.6% to Rs. 3.5 billion Rs. 2.1 billion in 1H 2021/22.
Commenting on the impressive financial performance, Vallibel Finance PLC Managing Director Jayantha SB Rangamuwa said: “Vallibel Finance has managed to maintain its total asset base at Rs. 65.5 billion as of September 30, 2021. Capitalization levels and liquidity of the Company remain above regulatory minimums. In addition, the loan portfolio reached Rs. 54.9 billion as of September 30, 2021, a solid growth of 15% compared to March 31, 2021.
This performance instills additional confidence in our stakeholders. Despite the challenges that abounded during the year under review, particularly with regard to recovery and recoveries due to bottlenecks and declining levels of economic activity, the ratio of gross non-performing loans (NPL ) has been successfully maintained well below the industry standard at 5.51%. Vallibel Finance has built a reputation as a trusted financial services partner, which is evident in the fact that during the year under review the company increased its deposit base by Rs. 32.1 billion at Rs. 35.0 billion despite the challenges emanating from the pandemic. In conclusion, the President of the Vallibel Group, Dhammika Perera, added: “His performance during the first half of the year under review despite the challenges of the pandemic reflects his strong management expertise and his exceptional team”. Vallibel Finance PLC is on a strong growth trajectory and poised to achieve an even stronger financial performance over the coming year, further strengthened by the completion of its state-of-the-art head office which will be an iconic landmark. from the city.