Multi Finance PLC recorded a 120 per cent increase in its bottom line in the first quarter ended 30th June 2014 recording a net profit of Rs. 8.6 million against a loss of Rs. 39.2 million loss in the preceding quarter 2013, as per published accounts. During the quarter under review, net income from operations reached Rs. 56.2 million, up 236 per cent compared to the quarter ended June 2013 which was recorded as Rs. 16.7 million.
The net interest income for the quarter ended 06/14 also increased by 215 per cent reaching Rs. 50.5 million compared to Rs. 16 million in the same earlier quarter owing to improvements in quality lending and strict credit processes introduced.
Operating expenses of the company fell to Rs. 32.3 million as against Rs. 40.3 million, a 19.8 per cent improvement owing to strict cost control mechanisms adopted.
The company’s total assets grew by 3.5 per cent to over Rs. 1.38 billion as of 30th June 2014 while the deposit base grew by 9.8 per cent over the same quarter of the previous year
Commenting on the company’s improvement, Multi Finance Chief Executive Officer Pushpike Jayasundera said the introduction of prudent credit policies, risk management tools and stringent recovery processes were the key factors that contributed to the significant results in the quarter. These results were achieved in the midst of interest rate pressures and slowdown in credit growth which was common to the industry during the period concerned.
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The net interest income for the quarter ended 06/14 also increased by 215 per cent reaching Rs. 50.5 million compared to Rs. 16 million in the same earlier quarter owing to improvements in quality lending and strict credit processes introduced.
Operating expenses of the company fell to Rs. 32.3 million as against Rs. 40.3 million, a 19.8 per cent improvement owing to strict cost control mechanisms adopted.
The company’s total assets grew by 3.5 per cent to over Rs. 1.38 billion as of 30th June 2014 while the deposit base grew by 9.8 per cent over the same quarter of the previous year
Commenting on the company’s improvement, Multi Finance Chief Executive Officer Pushpike Jayasundera said the introduction of prudent credit policies, risk management tools and stringent recovery processes were the key factors that contributed to the significant results in the quarter. These results were achieved in the midst of interest rate pressures and slowdown in credit growth which was common to the industry during the period concerned.
www.sundaytimes.lk
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