Vallibel Finance profit soars to Rs 105m

Vallibel Finance, the youngest of the Vallibel Group, has posted very impressive pre-tax profits of Rs 105m. Achieving overall growth in terms of assets, profit, income and customer deposits in times of challenging economic conditions and multi-dimensional competition, Vallibel Finance is reported to have made the Group’s vision of bringing in a robust new player into the financial sphere come true.

Vallibel Finance Chairman Dhammika Perera

Vallibel Finance was the first finance company to obtain their listing on the Colombo Stock Exchange after the Central Bank’s regulation requiring finance companies to go public in order to encourage more visibility, transparency and good governance. The Vallibel Finance IPO opened to the public on March 31 and closed on the opening day itself, having been oversubscribed 8.5 times.

Stakes in the trailblazing young company were in high demand as the share price surged up from Rs 22 to Rs 32 on the first day of trading.

Vallibel Finance’s gross interest income of Rs 357m in the financial year 2008/09 grew by an impressive Rs 411m, a year-on-year increase of 15 percent. Company gross profits followed course too, recording a growth of Rs. 186m, up by 27 percent over last year’s profit of Rs 146.5m. increased by 41 percent from Rs 810mn to Rs. 1,139mn during the year. Customers are continuing to place their trust in the Vallibel name and the company’s forceful drive forward, which it has been successful in maintaining throughout. Grateful for the vote of confidence as evident by the 8.5 times oversubscribed IPO, the company affirmed that unsurpassed customer service would continue to be among its top priorities.

“Remaining optimistic during a bad economic climate and other socio-economic issues has been one of the key factors that helped the company stay on track”, Managing Director Jayantha Rangamuwa said.

“It is during bad times that a country most needs strong financial backing and the company has been very successful in sharing its wealth and knowledge with the public. Our vision for the company now is to take this wealth to the grass roof level, to those who thus far have not had the privilege of choice when it comes to financial services,” he said.

“The trust placed upon us by so many from the very beginning has been very encouraging, and we are grateful to all our investors for contributing to our three triumphant years,” Rangamuwa said.

“In return, we guarantee stability and strength for their investments. Unsurpassed customer convenience and the best returns for investments still remain key areas of focus as we strive to always strengthen and reinvent conventional methods.”

“We have always striven to exceed the expectations of our investors, and I’m proud to see the newest financial star under our fold, carrying on the legacy,” Chairman Dhammika Perera said.

A well-diversified conglomerate in Sri Lanka, Vallibel Holdings has more than 40 associate companies and its diversified investment portfolio includes some of best performing public quoted companies listed in the Colombo Stock Exchange.

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