Alliance Finance Company PLC (AFC) recorded a solid financial performance for the fiscal year 2023/24 with Profit After Tax climbing by an overwhelming 81.59% to RS 917 Mn.
Profit Before Tax saw a growth of 78.59% to Rs 1,698 Mn, Interest Income increased by 10.36% to LKR 13,185 Mn and Net Interest Income rose by 29.80% to RS 5,887 Mn.
Additionally, AFC’s financial position has significantly strengthened, with Total Assets up by 15.17% to RS 60,175 Mn, the Lending Portfolio increasing by 18.21% to RS 46,104 Mn, Shareholder’s Equity rising by 16.83% to Rs 8,129 Mn, Earnings per Share improving by 81.59% to RS 27.21, and Gross NPL decreasing by 3.74% to 9.38%.
Tamara Dharmakirti-Herath, Chairperson of AFC, highlighted the company’s achievements, stating, “Throughout the year under review, AFC made good headway in further strengthening its position as the leader in sustainable financing in our core markets. Anchored to our purpose, we remained firm in our endeavor to empower MSME sector expansion.”
Romani de Silva, Deputy Chairman/Managing Director of AFC, further emphasized, “AFC continued to solidify its position in the local NBFI with an impressive financial performance for FY 2023/24, which I believe points to the deployment of timely and well-planned strategic interventions to ensure sustained earnings regardless of economic vagaries.”
