Vallibel ups pre-tax profit by 58.1% 581 Million as Asset value soars by 34.7%
Vallibel Finance PLC, the name-bearer of the corporate colossus Vallibel Group, saw its half-yearly pretax profit for 2016 climbing to Rs. 581 Mn, recording a growth of 58.1% percent over the same period the previous financial year, on the back of strong performances in core financial operations and its increasingly popular product portfolio. Vallibel Finance consolidated its standing as a leading light in the competitive financial sphere and its half yearly report card affirms the company’s ability to sustain its ascendency, year after year.
Vallibel Finance, nurtured its loan book well, disbursing Rs. 8.5 Bn during the first half of 2016, providing impetus for growth for people across the country. The total loan book of the company now stands at Rs. 21.73 Bn
Deposits complimented the lending portfolio, growing exponentially by over Rs. 3.55 Bn or 27.1% percent by the end of the financial period under review over the previous year with total deposits amassing to Rs. 16.7 Bn, firmly entrenching public confidence in the company. Net interest income grew by 19.2% percent to reach Rs. 936 Mn with the total income growing by 43% reaching Rs. 2.27 Bn as against the previous figure of Rs. 1.58 Bn. Vallibel Finance took adequate measures to keep its Non-performing Loans in check with the figure 3.49% (Gross), 0.55% (Net) indicating an encouraging result considering the volatile market conditions prevalent in the finance sector.
Total assets continued its upward curve growing by 34.7% percent to Rs. 25.64 Bn over the previous year’s figure.
Vallibel Finance’s standing in corporate Sri Lanka is evident in it being ranked by LMD to be amongst the top 100 most respected entities in the country and its significant rise in brand equity was also recognized by LMD which included the company in its top 100 Most Valuable Brands. Vallibel also won an award for Best Employer Brand by South Asian Partnership Summit ( SAPS)