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Vallibel Finance Profit After Tax soars to Rs. 1.7 billion

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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.”

 

 



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Business

Sri Lanka Tourism introduces e-learning platform for all SLTDA registered tourist guides.

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As an initiative to uplift the reviving tourism industry in the country, Sri Lanka Tourism Development Authority in collaboration with Sri Lanka Institute of Tourism & Hotel Management (SLITHM) have introduced the continuous professional development (CPD) e-learning platform to all registered guides to enhance their knowledge and skills.

The launch of the continuous professional development (CPD) e-learning platform took place this week under the patronage of Minister of Tourism Prasanna Ranatunga, Secretary of the Ministry S. Hettiarachchi and Sri Lanka Tourism Chairperson Kimarli Fernando.

“Tourist guides play an important role in our tourism sector as they spend a lot of time with visitors from arrival to departure. It is important that our guides stay updated on their professional/technical knowledge and I hope this e-learning platform by Sri Lanka Tourism will help them enhance their knowledge and skills” Sri Lanka Tourism Chairperson Kimarli Fernando shared while the Minister congratulated all the officials who were involved in bringing this initiative to reality.

Knowledge improvement, obtaining expertise knowledge from veterans, develop active participation with guests, improve the link between Tourism institutions & guides are some key objectives of this e-learning platform.

If you are a registered guide with SLTDA, you can now sign up on https://sltda.gov.lk/e-learning/login and avail of the online courses.

A certificate of completion will be given at the end of the course from SLTDA and SLITHM.

 

 

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Impact of Climate Change on marine and fresh water resources and combating water pollution

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Trilateral virtual dialogue among Pathfinder Foundation, Russian International Affairs Council and Asian Confluence

The Pathfinder Foundation (PF) has initiated a trilateral dialogue involving Sri Lanka, India and the Russian Federation to discuss issues of contemporary relevance. The first trilateral dialogue will be held to day 4:30 PM SLST on the “Impact of Climate Change on Marine and Fresh Water Resources and Combating Water Pollution: Best Practices from Russia, Sri Lanka and India”.

For this dialogue, Pathfinder Foundation will be partnering with Russian International Affairs Council and Asian Confluence.

The distinguished panellists for the webinar are, Ambassador GlebIvashentsov, Vice President, Russian International Affairs Council, Ambassador (Retd.) Bernard Goonetilleke, Chairman Pathfinder Foundation, Ambassador. IFS(Retd.) Rajiv Kumar Bhatia, Member Governing Council, The Asian Confluence and Distinguished Fellow, Gateway House,Dr. Anastasia Likhacheva, Director, Centre for Comprehensive European and International Studies, Higher Schoolof Economics, Dr. B. V. R. Punyawardena, Chairman, National Steering Committee on Climate Change Adaptation, Governmentof Sri Lanka, Dr. Fraddry D’Souza, Area ConvenerandFellow, The Coastal Ecology & Marine Resources Centre, TERI Goa,India , Dr. Konstantin Zgurovsky, Senior Advisor, Marine Programme, WWF Russia, Mr. Sarath Premalal, Retired Director General of Meteorology of Sri Lanka and Prof. Vinay Kumar Dadhwal, Director, Indian Institute of Space Science and Technology Professor Indira Gandhi Chair, National Institute of Advanced Studies, India

Those who are interested in participating may kindly register at the following link; https://bit.ly/3AZbYAN Program details are available at https://bit.ly/3zdUkY3 . The event will also be live streamed on the PF Facebook Page https://www.facebook.com/pathfinderfoundation/

 

 

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Doc990 and MyDoctor partner SLVA to extend accessible veterinary services islandwide

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Sri Lanka’s premier digital health solutions service providers, Doc990 and MyDoctor are now enabling customers to access online veterinary services island-wide in partnership with the Sri Lanka Veterinary Association.

The national professional body serving and representing the interests of the veterinary profession in Sri Lanka, the Sri Lanka Veterinary Association (SLVA), is dedicated to providing continued excellence within the profession of animal medicine and the provision of outstanding care for all animals while also actively creating public awareness of the contribution of veterinarians island-wide.

This collaborative effort with Doc990 and MyDoctor will bring pet owners, owners of farm animals and good Samaritans the ability to access remote video consultations with leading, specialist veterinarians of their choosing, without the hassle of physically entering hospital waiting rooms, transporting animals etc. This timely, contactless service will not only be convenient but also a relief to pet owners and caretakers in the backdrop of travel restrictions as a result of the ongoing global pandemic.

Customers can engage in video consultations with their chosen vet by downloading the Doc990 mobile app from the Google Play Store or the Apple Store. Through its widening network of hospitals and medical services, Doc990 strives to make health care accessible and convenient for all Sri Lankans.

 

 

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