Orient Finance reverses loss with profit in 2023/24
View(s):Orient Finance has achieved a significant turnaround in its financial performance for the year 2023/24, recording a Profit after Tax of Rs.348.53 million, an impressive growth of 584 per cent compared to the previous year’s loss of Rs.72 million.
Total assets increased by 17 per cent to Rs.20,477 million, reflecting accelerated growth that has surpassed industry average of 8 per cent, driven by the company’s dynamic approach to portfolio expansion and risk management, the company said in a media release.
Other key financial highlights include loans and receivables Rs.15,659 million, up from Rs.12,941 million in 2022/23; deposits – Rs.3,556 million, up from Rs.10,759 million in 2022/23; total equity Rs.3,603 million, up from Rs.3,281 million in 2022/23; and return on equity (ROE) – 10.13 per cent, up from -2.18 per cent in 2022/23.
Orient Finance’s Net Interest Income recorded an impressive increase of 81 per cent to Rs.1.79 billion, fuelled by higher loan disbursements and improved interest margins, reflecting effective management of lending activities and enhanced profitability in core business operations.
The company’s loan portfolio expanded by 21 per cent to reach Rs.15,659 million, as a result of robust contributions from the SME and microfinance sectors. This growth reflects Orient Finance’s strategic focus on diversifying and expanding its loan portfolio while maintaining prudent risk management practices.
Rajendra Theagarajah, Chairman of Orient Finance PLC, reflected on the company’s financial performance, said: “Our ability to navigate a dynamic business landscape has been a hallmark of our success this year. Through strategic initiatives and the dedication of our team, we’ve not only achieved strong financial results but also enhanced our operational efficiency and customer satisfaction, despite the economic challenges faced in Sri Lanka.”
K.M.M. Jabir, Director / CEO of Orient Finance PLC added, “Over the past few years, Orient Finance has demonstrated fortitude and adaptability, achieving notable success despite significant challenges. Our growth strategy and cost management have delivered impressive results for FY23/24.”
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