Nation Lanka Finance ‘profits surge’

‘Nation Lanka Finance PLC (CSE:CSF) has recently set another industry example by turning around the finance company by wiping out losses to make profits. NLF reported a consolidated net profit of Rs.39 million during the nine months ended December 31 2013 compared to a loss of Rs.177 million during the same period in the previous financial year. During the period in focus, net interest income has increased to Rs.380 million whilst net operating income rising to Rs.597 million, a press release said.

‘Attributing the company’s success on factors such as growth in lending portfolio and growth in its total asset base Chief Executive Officer Charith Amarasekara said: "The asset base have increased to nearly Rs.4.5 billion with group asset base rising to Rs 5.2 billion levels. Our deposit base has also seen a healthy growth of around Rs.700 million to Rs.3.3 billion while a similar increase has been seen in our lending portfolio within a short period of nine months ending 31st December 2013," he said.

"This tremendous achievement does the talking for ourselves, for our commitment, passion and dedication and the strategic guidance from our board of directors. The growth of lending portfolio and in turn managing the NPL ratio at very lower percentage,which is now less than 5%, is more than testimony to prudent management practices we follow. While we concentrated on identifying the right customer with the required credit worthiness, we have also efficiently carried out collection and recoveries. Tribute of this success should go to each and every member of our 400 staff members whom have contributed their best to turn around our company," he added.
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