Nation Lanka Finance shows promising results in Q1 2015/2016
View(s):Nation Lanka Finance says promising results have emerged in Q1 2015/2016, with the company recording a profit after tax (PAT) of Rs. 38 million for the period under review. “The company is now well on track to achieve its revenue targets for 2015, and will hereafter focus primarily on solidifying its position as a dynamic financial services provider and responsible corporate citizen,” the company said in a media release.
At the year end of 2014/2015, Nation Lanka Finance recorded total assets valued at Rs. 7 billion, indicating an asset growth of 52 per cent. The company also increased its deposit base by 48 per cent to Rs. 5.5 billion and recorded a turnover of Rs. 1.15 billion. In Q1 of the current financial year, the Nawaloka Group acquired a 25 per cent majority stake of Nation Lanka Finance and is now leading the company towards a new era of growth and success.
Commenting on the company’s new direction, Jayantha Dharmadasa, Chairman of Nation Lanka Finance said, “With the backing of the Nawaloka Group, which brings with it decades of strength and stability, and under the management of our new CEO, Jayantha Perera, I believe that Nation Lanka Finance will overcome all challenges and strategically grow and strengthen its product and service offering”.
Jayantha Perera, CEO of Nation Lanka Finance noted, “ As part of our new turnaround, we will be focusing on becoming an exemplary corporate citizen, and will pay special attention to delivering good governance, compliance and a continued adherence to the highest standards and mandatory regulations set by the Central Bank of Sri Lanka”.
He said that in the coming months the focus would be on building a presence in the micro finance sector, which has high potential and can generate maximum returns for the company whilst ensuring socio-economic benefits for its customers.
“Micro finance products require low levels of investment and minimal infrastructure and play a crucial role in supporting rural communities and SMEs throughout the country. Another product which we shall focus on building is working capital loans (Biz Cash), as this is a product which has recorded an impressive year-on-year growth,” he added.