Business
Vallibel Finance Profit After Tax soars to Rs. 1.7 billion
NPL ratio improves to 4.48%
Vallibel Finance PLC has again demonstrated its time-tested resilience and industry leadership status by achieving impressive results in all its KPIs across fixed deposits, lending portfolio and profitability, while recording positive growth as compared to the negative growth recorded by the overall financial services industry in the 2020/21 financial year.
The Company recorded a Profit before Tax of Rs. 2.3 billion which was an increase of 28.3% and its Profit after Tax soared to Rs. 1.7 billion from Rs. 1.2 billion in the previous year, supported by an aggressive strategy to optimize costs, focus on collections and seek new business avenues, all the while supporting customers to tide over the crisis.
The strong management expertise in the Company is evidenced in Non-Performing Loans (NPL) ratio improved to 4.48% from 5.01% in the previous year despite a rash of defaulted payments against industry average rate of 13.9%.
This positive result for the Company reflects the recovery and collection drive embarked upon during the year despite the challenging impact on many customers linked to sectors such as tourism, vehicle imports etc., which were badly affected during the year.
The Company grew its Gross Loan Portfolio to Rs.50 billion in the period under review, from Rs. 42 billionin the previous year, reflecting a growth of 19.0% as a result of the company’s aggressive growth strategy. Vallibel Finance served customers mindfully during this difficult period, helping to rehabilitate them by extending loans as per the government stipulated moratorium and even going beyond these norms to grant concessions to customers engaged in industries which were hit particularly hard.
Pre-tax Profits for the year under review achieved a notable all-time high of Rs. 2.8 billion, expanding by 17.1% from the figure of Rs. 2.4 billion in the previous year, which is a testimonial to the Company’s prudent management and wealth of experience in the financial services industry, in particular, managing in the face of adversity.
The public confidence in the Company was evident in the success achieved in deposit mobilisation during the year. Deposits soared to Rs. 32 billion, a commendable growth by 10% from Rs. 29 billion in the previous year. Total Assets increased to Rs. 55 billion, expanding by 7.4% from the previous figure of Rs. 51 billion.
“We are proud of the financial performance that Vallibel Finance has delivered despite the challenges posed by the pandemic, which resulted in an economic slowdown, while the vehicle import ban impacted the financial services industry. Powering positive growth across all parameters is a fitting achievement that has been brought about by a dedicated and professional team.The entire team at Vallibel Finance has shown exceptional commitment to achieving set targets,” said Managing Director of Vallibel Finance, Jayantha Rangamuwa.
Generating wealth for shareholders, the Company’s Earnings per Share increased to Rs. 29.36 from Rs. 21.29 in the previous year.
Commenting further, Dhammika Perera, Chairman Vallibel Group said, “Year after year, despite severely challenging operational environments and a global pandemic, Vallibel Finance continues to deliver unfailingly on its commitment to safeguard and create wealth and prosperity for all its stakeholders and shareholders, while making a valuable contribution to the Vallibel Group as the flagship company of the highly diversified conglomerate.”
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
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