The financial performance of Trade Finance and Investments PLC for the financial year 2017/18 has been praiseworthy having achieved significant growth in several key areas. Interest income has increased by 81% reaching Rs.1.6 billion while net interest income increased by 61% to Rs 1.1 billion.
Profit before taxation of Rs. 716 million is 47% above the prior year. Profit after taxation is Rs. 418 million reflecting an increase of 29%. In addition, Company’s loan portfolio grew by 107% reaching Rs. 7.1 billion with total assets reaching a level of Rs. 7.5 billion.
“Achieving the above success in the context of a relatively unfriendly economic environment and moderate performance levels of the Non Bank Financial Institution (NBFI) Sector in general, reflects well on the Company’s operational strategies and Performance, The financial year 2018/19 will bring with it many challenges and changes,” Chairman L.G.S Perera told shareholders in company’s annual report for 2017/18. “The company is well placed to surmount these obstacles and proceed along our chosen path of growth and success.
We shall embrace the new capital adequacy framework to be implemented by the Central Bank of Sri Lanka as we believe this is a positive move for individual entities, the Industry as a whole and all stakeholders,” he said. Further, Trade Finance and Investments PLC will adapt to the changes required by the impact of the introduction of new accounting standards. Meanwhile, Trade Finance and Investments Plc Chief Executive Officer L.A.J.F. Morais said the company is now ready to tackle the new capital adequacy framework which is to be implemented by the Central Bank of Sri Lanka in the coming financial year. We view this development in a positive light and see that it will benefit the company and the industry together with our stakeholders in the longer term. In the coming few years, the company will enhance business coverage geographically with minimum number of branches by employing the latest in IT and by leveraging on the existing branch network as well as innovative methods to reach and serve our customers.
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