The burgeoning financial powerhouse of the renowned Vallibel Group, Vallibel Finance, has reported a very impressive first half pre-tax profit of Rs 101 million showing a remarkable growth of 174 percent from the previous year's corresponding figure of Rs 36.8 million.Vallibel Finance's gross interest income has grown from Rs 193.3 million in the first half of 2010/2011 to an impressive Rs 258 million, showing a promising year-on-year increase of 33 percent.
Company assets have followed course, now standing at Rs 2.53 billion, recording a growth of Rs 753 million, up by 42 percent during the current financial year.
The fixed deposit collection increased by 36 percent from Rs 1.13 billion in the previous year to Rs 1.55 billion.
The company has been able to achieve these impressive results concentrating on the very core activities of hire purchase, leasing, micro credit.
Vallibel Finance has been able to maintain a very healthy level of non-performing loan ratio (NPL) at 2 percent level which is well below the industry average. "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," Vallibel Finance Chairman Dhammika Perera 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 grassroots level, to those who thus far have not had the privilege of choice when it comes to financial services." he said.
A well-diversified conglomerate in Sri Lanka, Vallibel Holdings has more than 40 associate companies.
source - www.dailynews.lk
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