Nation Lanka Finance shows promising results in Q1 of 2015/2016

Following its dynamic turnaround, Nation Lanka Finance has shown promising results in Q1 of 2015/2016, with the company recording a profit after tax (PAT) of Rs. 38 million for the period under review. The company is now well on track to achieve its revenue targets for 2015, and will hereafterfocus primarily on solidifying its position as a dynamic financial services provider and responsible corporate citizen.

At the year end of 2014/2015, Nation Lanka Finance recorded total assets valued at Rs. 7 billion, indicating an asset growth of 52%. The company also increased its deposit base by 48% to 5.5 billion and recorded a turnover of Rs. 1.15 billion. In Q1 of the current financial year, theNawaloka Group acquired a 25% majority stake of Nation Lanka Finance and is now leading the company towards a new era of growth and success. Following the change in management, Nation Lanka Finance has embarked on a strategic turnaround which has alreadyyielded impressive results as shown by the company’s performance in Q1 of 2015/2016. As Nation Lanka Finance looks ahead to the future, the company is well poised to continue its momentum of growth and will focus on strengthening its brand presence and corporate standing whilst developing core products such as working capital loans and micro financing solutions.

Commenting on the company’s new direction, Jayantha Dharmadasa, Chairman of Nation Lanka Finance stated, “Nation Lanka Finance has now laid the foundation to accomplish our overall goal of progressively growing the wealth of our nation and its people. With the backing of theNawaloka Group, which brings with it decades of strength and stability, and under the management of our new CEO, Jayantha Perera, I believe that Nation Lanka Finance will overcome all challenges and strategically grow and strengthen its product and service offering. As we build on our long-standing heritage, our new strategic direction will enable us to reinvent the company to more effectively serve the needs of the local finance industry and the Sri Lankan people.”

Also commenting on the company’s new direction, Jayantha Perera, CEO of Nation Lanka Finance stated, “I am pleased to report robust growth in Q1 of 2015/2016, and I believe that these results have set the precedent for a fruitful and profitable year for Nation Lanka Finance. As part of our new turnaround, we will be focusing on becoming an exemplary corporate citizen, and will pay special attention to delivering good governance, compliance and a continued adherence to the highest standards and mandatory regulations set by the Central Bank of Sri Lanka. On an operational level, to instill greater trust in our customers, the company will mobilize all deposits and retain more capital for longer, this in turn should minimize shortfalls and give our shareholdersand customers greater confidence to invest in us and grow their wealth with us.”

Jayantha Perera further added,“In the coming months we shall focus on building our presence in the micro finance sector, which has high potential and can generate maximum returns for the company whilst ensuring socio-economic benefits for our customers. Micro finance products require low levels of investment and minimal infrastructure and play a crucial role in supporting rural communities and SMEs throughout the country. Another product which we shall focus on building is working capital loans (Biz Cash), as this is a product which has recorded an impressive year-on-year growth. As part of our turnaround, Nation Lanka Finance will also streamline our operations and ensure maximum efficiency and cost saving throughout the entire organization. We recently introduced an integrated Enterprise Resource Planning (ERP) system, which will contribute towards improving core mechanisms and processes throughout the organization, and this will also enable us to make strategic and well-calculated decisions with greater ease.”

In the long-run, Nation Lanka Finance will remain committed to shareholder valuemaximization and will take the necessary measures to evolve into a stakeholder-friendly organization.In all of its endeavors, Nation Lanka Finance will remain dedicated to serving the country and its people, by continuing to offera diversified range of practical finance products and services, in an efficient, ethical and professional manner. Nation Lanka Finance is licensed and regulated by the Central Bank of Sri Lanka and has a rich heritage extending over 28 years. The company has built its reputation on strong connections with local communities and stakeholders,and has a strongnetworkwith a presence in 25 location points across Sri Lanka.