Nation Lanka Finance (NLF) has continued its growth by recording an impressive group profit before tax of Rs. 199.91 million and company profits of Rs. 111.86 million, in the financial year ending March 31, 2015/2016.
Nation Lanka Finance has completed almost 3/4 of its strategic turnaround and restructuring process at a group and company level, and during the course of the next 2-3 years, the group is preparing to strengthen its position as a dynamic leader and catalyst for change in the local and regional financial services industry.
Nation Lanka Finance Director and CEO Jayantha Perera stated: “Following the strong financial results that were achieved in the financial year ending March 31,2015/2016, NLF is now well poised to complete our restructuring process, and strengthen our leadership position in the industry.
“We hope to expand our product portfolio which is currently valued at over Rs. 6.5 billion.”
“Key areas, which we will focus on to diversify and strengthen our offering, include property investment and real-estate loans.” “We will also be focusing heavily on expanding our geographical presence and strengthening our key ratios to ensure that they are all above the industry average.”
Strong year-end profits were recorded despite NLF allocating substantial provisions to obtain audit clearances in alignment with the group’s renewed commitment to compliance. Net interest income during the period under review increased by 157% in comparison to Rs. 1.45 billion the recorded in the previous year. Topline growth increased by 95% and Interest income was recorded at Rs. 2.26 billion, an improvement over Rs. 1.11 billion from the previous year.
The increase in profits has been attributed to the improved levels of cost efficiency and lowered sourcing costs that were applied across the group.