Abans Finance records PBT of Rs 114 million in quarter one of FY 2022 / 2023

Abans Finance PLC recorded its first quarter of financial year 2022 / 2023 ending 30th June 2022, with results that are consistent with its growth in bottom line, despite of highly volatile socio-economic environment. Company recorded PBT of Rs 114 million and a PAT of Rs. 74 million in quarter one of FY 2022 / 2023, and the corresponding figures for the previous financial year were only Rs 80 million and Rs 41 million respectively.

“Company has recalibrated its strategies to be in line with the market conditions and the results delivered are because of the team assessing the status of business operation at regular intervals and successfully adopting to market conditions”’, CEO Dharshan Silva said in a statement. He further stated that the company is also accommodating requests from clients who were affected due to the slowdown in economic activities by adjustments of rental payments to suit the current cash flows of the clients that have been changed due to current economic climate. Company has been focussing on small ticket transactions with asset backed finance and thereby were able to manage well in terms of concentration risk deriving from individual transactions.

Company also uses advanced data analytics to reach towards opportunities, managing operating costs and managing risks. In this regard company continues to progress in its automation drive so that more routine work can be digitalised, and staff can focus on strategic initiatives that can provide greater results.

Abans Finance PLC is a member of the prestigious Abans Group, a household name in Sri Lanka. With assets over Rs. 10 billion, Abans Finance PLC is one of the most innovative finance companies in Sri Lanka.