Vallibel Finance reports Rs. 107 mln pre-tax profit in 1stQ
View(s):Vallibel Finance has seen improved growth in first quarter 2012/2013 reporting a pre-tax profit of Rs. 107.9 million, up 23 per cent from the same period last year.
Total assets rose by nine per cent to Rs. 7.2 billion in the same quarter. A company statement said total deposits ‘swelled by 16 per cent to Rs. 4.5 billion.” In July/August, the company inaugurated branches in Galle and Chilaw.
Commenting on these developments, Jayantha Rangamuwa, Managing Director of Vallibel Finance, said the company was able to penetrate a substantial customer segment through its aggressive expansion strategy. “We have been gradually evolving over the years, taking operations to areas where demand for financial solutions is high,” he added. Vallibel said it was also able to minimize bad debts and non-performing loans through persistent loan recovery mechanisms and a careful credit policy.
Vallibel Finance represents the financial sector interests of the Vallibel Group, a multi-faceted holdings company with entrepreneur Dhammika Perera, who is also Chairman of Sampath Bank, at its helm. “While Vallibel itself has been extending its interests into unchartered territories, it is really heartening to see one of our envoys in the financial sector pursuing expansion aggressively and playing and integral role in Sri Lankan economic development. I strongly believe the path it is on will lead to the upper echelons of the sector,” noted Mr. Perera in the media statement.
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