Vallibel Finance delivered a definitive financial performance for the fiscal year 2023/24.
The Company recorded a pre-tax profit of Rs. 4.6 billion (68.1% increase yoy) in comparison with Rs. 2.7 billion recorded in 2022/23 In alignment with our unwavering commitment to economic development and national growth, Vallibel Finance is pleased to announce the payment of Rs. 2.5 billion in Corporate Income Tax and Taxes on Financial Services for the fiscal year 2023/24 which is 50% of the total profit.
This reflects a significant increase from the Rs. 1.4 billion paid in the previous fiscal year 2022/23.
As of March 31, 2024, total income surged to Rs. 20.03 billion, from Rs. 16.70 billion in 2022/23, primarily driven by revenue from loans and advances. The Gross Loan Portfolio experienced a remarkable turnaround, achieving an 11.2% growth. This growth underscores the strong trust our customers place in the Vallibel brand. All Key Performance Indicators (KPIs) exhibited robust expansion, including fixed deposits, lending, the pawning portfolio, and overall profitability.
The NPL ratio, a measure of nonperforming loans, decreased to 5.88% at the year-end, compared to the 6.16% recorded at the end of the previous financial year. The NPL ratio continues to be significantly lower than the industry average, which is a testament to the company’s strict risk management practices.
A 59.9% increase was recorded in Earnings Per Share (EPS) in 2023/24 compared to previous financial year from 54%. Rs. 5.69 recorded during the previous year.
