Vallibel Finance posts steady results
View(s):Vallibel Finance has been able to record steady performance for the first half of the current financial year weathering many challenges particularly the challenging COVID-19 pandemic.
The company said in a media release that its profit before tax (PBT) reached Rs. 890 million for the first six months ending September 2020. Total assets crossed Rs. 52 billion growing by 4 per cent and resulting in an impressive balance sheet, placing the company among Sri Lanka’s largest in terms of assets.
“Vallibel Finance has shown its resilience, owing to prudent management skills and sustainable pursuit of growth. Nevertheless, we consistently remain a step ahead of such external challenges by adopting prudent practices, anticipating customer needs and seeking opportunities to maintain sustainable competitive advantage,” said Vallibel Group Chairman Dhammika Perera.
Deposits, the barometer of public confidence amassed to Rs. 30 billion, growing exponentially by 8.81per cent over the previous period. “The first half of the year was turbulent, testing the resilience of the entire country. Yet Vallibel Finance has sailed swiftly through the storm, bettering its own benchmarks, both qualitative and quantitative during a very challenging and daunting period of time. In timely responses to challenges, our staff admirably performed well in implementing our tried and tested strategies well,” said Managing Director Jayantha S. B. Rangamuwa.
He further added: “It has been yet another satisfactory performance against the odds, thanks to Vallibel Finance’s home-grown ability of being able to respond to adversity with an aptly resourceful and innovative strategy.”
Meanwhile, the company grew its loan book by four per cent reaching Rs. 41.8 billion from a previous Rs. 40.2 billion. A low non-performing loans (NPL) ratio of 6.68 per cent is testimony to the company’s legacy of financial stewardship during exceedingly challenging times which is far better than the industry average.
Despite the current uncertain situation Vallibel Finance commenced its landmark 17-storey head office complex along with an uninterrupted branch expansion extending its roots to Ambalantota, Thambuththegama, Kohuwala and Ja-ela during the period.