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Vallibel Finance revenue tops Rs. 8 b in FY 2018/19

17 Jun 2019

Vallibel Finance PLC posted outstanding figures in all key indicators for the financial year ending March 2019, with revenue reaching Rs. 8.7 billion, a 26% growth over the previous year’s mark of Rs. 6.9 billion. Net profits scaled the billion-rupee summit once again with a growth of 11% over the previous figure and gross profits reached Rs. 2.3 billion, an increase of 21% over the previous financial year. “Tough times are defined through character and I’m impressed how Vallibel Finance PLC continues to deliver outstanding results, year after year, befitting a true flag-bearer for the Vallibel Group,” said Dhammika Perera, the leader of the Vallibel conglomerate. Accustomed to consistently impressive performances, customers and shareholders keenly noted a 24% growth in the company’s asset base which rose to Rs. 47.6 billion from a previous Rs. 38.4 billion. Deposits, the primary yardstick of public confidence, leapfrogged to Rs. 25.4 billion, withering relentless onslaughts from an exceedingly volatile and competitive marketplace. Deposits grew by 15% over the previous year. “The time for the annual report card is always a defining moment and the company’s unwavering ability to deliver consistently is a tribute to the unwavering commitment and tenacity of its team,” said Vallibel Finance Managing Director Jayantha Rangamuwa. Net interest income clocked a 22% increase to reach Rs. 3.3 billion from the previous year’s Rs. 2.7 billion. Operating profits obliged to reach Rs. 2.3 billion, an increase of 21% from the previous year’s Rs. 1.9 billion. The fact that the non-performing loan ratio was recorded as 3.02% at the end of the financial year compared to the previous year’s 2.27% is testimony to the economic upheaval experienced throughout the year with the company being able to mitigate the negative impact as best possible through its well-administered systems and processes. Return on average equity moved to 25.73% from the previous year’s 34.77%. “It’s a no-brainer that times are indeed difficult for the finance industry, but Vallibel Finance has handled yet another year with great astuteness and accountability, striking a responsible balance between taking care of the diverse needs of our customers islandwide and our responsibility as financial stewards,” said Rangamuwa. Vallibel Finance concluded the financial year on a high recording the second highest rate of growth in brand value for 2019, with a growth rate of 108%, while upgrading the brand rating of Vallibel Finance to “A+” in 2019 as per Brand Finance 2019. Other accolades also included being listed among top 20 “Most Admired Companies of Sri Lanka” by the International Chamber of Commerce in 2018.

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