Orient Finance PLC, which is a licensed finance company, has recorded a remarkable achievement at a time it celebrated 35 years in operation.
The company was able to record the highest ever total income of Rs.3.3 billion during the financial year ended March 31, 2017, achieving 40% growth over the last financial year.
This is a remarkable achievement amidst tough macroeconomic factors. This was supported by the increase of net lending portfolio by 18.6% to record as Rs. 16.4 billion by the year end.
Net interest income also grew by 14% recording Rs. 1.29 billion.
Growth of the net interest income is less than the total income growth rate due to the narrowed margin owing to the increase of market interest rates during the year.
The company has recorded profit before tax of Rs. 301 million although the borrowing rates were higher than the previous year.
Commenting on the overall results of the company, Chairman Dr. Dayanath Jayasuriya P.C. went on to say that the strategic initiatives taken by the company have resulted in the commendable growth of its revenue surpassing Rs. 3 billion and marketing strategies have led to an increase in its lending portfolio and fixed deposit base despite unfavorable macroeconomic factors.
CEO Mayura Fernando stated that the company plans to further expand its business operations over the next few years whilst increasing customer focus and adding more value to its customer base in terms of product features and service excellence.
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