Abans Finance records remarkable growth in 2012
Abans Finance PLC has gained an impressive surge in profits for the year just ended reaping rich dividends from a carefully executed strategy of pursuing sustainable growth and exploiting future potential.
Abans Finance PLC is a member of the prestigious Abans group headed by Ms. Aban Pestonjee. She founded Abans Finance PLC in 2006 with the able assistance of Ms. Mano Alles, its former Managing Director. Abans Finance carries forward the vision of Ms. Pestonjee as a financially sound, adequately capitalized and prudently managed l icensed Finance Company. The company is licensed by the Central Bank of Sri Lanka in terms of the Finance Business Act No. 42 of 2011. The Company offers a robust portfolio of financial products, with an extensive outreach facilitated by Abans (Pvt) Ltd’s branch and authorized dealer network of 400 or more units that span the island.
The Chairman of the company Rusi Pestongee in his review in the Annual Report 2011/ 12 said that Abans Finance is in a sound position to further increase its profits in the years to come harnessing future opportunities in Sri Lanka’s fast growing financial industry. The company has further strengthened its financial position as a stable financial institution during the financial year growing its Advances Base to Rs. 2.2 billion and the Asset Base to Rs.2.7 billion.
The company has recorded a pre-tax profit exceeding Rs.86.9 million compared to Rs.63.million in the previous year. Net declined sharply compared to the previous year. A well thought of appraisal criterion was operative in customer evaluation which resulted in strong portfolio quality. “We were very confident that our prudent strategy for corporate growth would pay off, with benefits flowing to all our stakeholders. Our tremendous accomplishment is attributable to our team, who diligently implemented the aggressive strategy to achieve unprecedented improvement in almost all operational areas”, commented Mr. Kithsiri Wanigasekera.
The Directors of the company are Mr. Rusi Pestonjee ( Chairman), Mr. Kithsiri Wanigasekara ( Managing Director), Ms. S. Dubash (NonExecutive Director), Mr. Channa Pathirana ( NonExecutive Director), Mr. V. K. Choksy ( Senior Independent Non-Executive Director), Mr. T. Someswaran ( Independent Non-Executive Director). Earnings have increased to Rs. 53.4 million in 2011/ 2012 from Rs.42.5 million in 2010/2011. He revealed that at the year end its branch network stood at nine fully fledged branches in addition to five customer centres. Abans Finance has reported its strongest position in terms of corporate earnings and financial stability in its short history.
Leveraging on a powerful corporate franchise and branch network, Abans Finance has successfully established its footprint in a highly competitive industry.
“We are now poised on an exciting new era where we will focus on executing our growth strategies” he added.
Mr. Kithsiri Wanigasekara, Managing Director / CEO who is a veteran in the Finance sector and a past Chairman of the Finance Houses Association of Sri Lanka in his review stated that the company has concentrated in three key areas name- ly income growth, shareholder returns and capital, funding and liquidity during the year under review. “We made progress through improving the competitive position across all our businesses and we recognize there is still work to be done to achieve our medium term goals” said Wanigasekara. According to him, Branch and Customer Centre network was the key contributor towards the overall growth in performance with an improved asset quality. Non- performing advances