Arpico Finance Company PLC (AFC) has posted a strong financial performance in the year ended March 31,2015, achieving commendable growth in several new product lines and customer segments.
The company achieved the highest ever profit in its operating history of 64 years, with a profit-after-tax of Rs 269.32 million, compared to Rs 88.34 million the previous year.
AFC’s interest income was relatively unchanged at of Rs 1.01 billion, primarily due to the low interest rate scenario whereas loan growth was robust at 35%, significantly higher than the industry average of 16%.
The company adopted a strategic and focused approach to growth leveraging on its branch network to pursue expansion in new products and market segments which also enabled diversification of its business lines.
Net interest income was Rs 488.06 million, reflecting a growth of 11% compared to the previous year.
Notwithstanding the robust growth in its loan books, the Company maintained a relatively healthy loan portfolio, with its gross non-performing-loans ratio improving to 6.86% by end-March 2015.
The company’s deposit base grew by 42% during the year, reaching a record high of Rs 4.13 billion, an attestation to the stability and security offered to our depositors throughout our track record of over 6 decades.
www.dailynews.lk
The company achieved the highest ever profit in its operating history of 64 years, with a profit-after-tax of Rs 269.32 million, compared to Rs 88.34 million the previous year.
AFC’s interest income was relatively unchanged at of Rs 1.01 billion, primarily due to the low interest rate scenario whereas loan growth was robust at 35%, significantly higher than the industry average of 16%.
The company adopted a strategic and focused approach to growth leveraging on its branch network to pursue expansion in new products and market segments which also enabled diversification of its business lines.
Net interest income was Rs 488.06 million, reflecting a growth of 11% compared to the previous year.
Notwithstanding the robust growth in its loan books, the Company maintained a relatively healthy loan portfolio, with its gross non-performing-loans ratio improving to 6.86% by end-March 2015.
The company’s deposit base grew by 42% during the year, reaching a record high of Rs 4.13 billion, an attestation to the stability and security offered to our depositors throughout our track record of over 6 decades.
www.dailynews.lk
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