Nation Lanka Finance PLC says “delivers outstanding performance”
View(s):Nation Lanka Finance PLC (NLF), a growing financial entity with the backing of the Nawaloka Group, top investor Asanga Seneviratne and a consortium of high net worth investors, has announced what it calls “an outstanding financial performance” for the 2rd quarter ended 30th September 2014 and for the seven months ended 31st October 2014.
“This is a reflection of the company’s continuous and rapid growth and the commitment of its new management which took over in 2011 and is steering the company to a solid financial foundation and strong growth,” the company said in a media statement.
Total Asset base surpassed Rs. 5.9 billion for the first time in the 27 year history of NLF, representing more than a 35 per cent year-on-year increase. The driving force behind the asset base growth was the phenomenal 44 per cent increase in the lending base which compared to the industry growth is exceptional. Similarly, the company’s fixed deposit base also recorded substantial growth of around 50 per cent year-on-year, crossing the Rs. 4.5 billion mark by end October 2014, it said.
With the company positing a net profit of around Rs. 203 million for seven months ended 31st October 2014, Return on Equity (RoE) stood at nearly 40 per cent with a Return on Assets (RoA) ratio of around 4 per cent. “The most important element in this growth story is how the company has been able to manage its Non Performing (NP) portfolio, which stood at 5 per cent as at 31st October 2014, well below industry norms,” it said.
NLF said it was “perhaps the only company” in the country to repay distressed depositors of the original Ceylinco group in full.
“The achievement up to 31st October 2014 yet again highlights the superior growth momentum currently enjoyed by NLF, which is much above the industry growth. I can assure you that we will be continuing this for the remainder of this financial year as well as into the next. We have already laid out plans to exceed Rs.1 billion operating profits for the next financial year and also to grow our asset base to Rs. 10 billion,” said CEO Mr. Charith
Amarasekara.