Fintrex Finance Limited reported an exceptional performance for its 6 months ended September 2021 with a pretax profit of Rs 217Mn and profit after tax amounting to Rs 165Mn. This was in comparison to a pre and post-tax bottom line of Rs 20Mn and Rs. 15Mn respectively in the comparative period of the previous year.

 

Despite the challenges that accompanied the pandemic coupled with a volatile economic environment, Fintrex has been able to drive phenomenal growth and transformative change which was reflected in an increased deposit drive, the introduction of multiple new products during the year, robust recovery programs and bespoke payment relief schemes to name a few. Multiple operational challenges required new adaptations, timely customer service and maintenance of a quality credit portfolio amidst a work from home environment/social distancing, health and safety regulations that had to be adhered to. In line with this, the Company placed significant emphasis on restating objectives, goals, policies, reviewing procedures and fine-tuning processes.

 

These initiatives translated into a quality asset portfolio and reduced NPLs as reflected in a Gross Non-Performing Accommodations Ratio of 10.56% versus 19.11% in the comparative period. The Company ROA and ROE of 4.68% and 14.37%, provision cover of 66.88% is indicative of the strong financial position of the company as at 30th September 2021. Classified as a ‘Category A’ Company by the Central Bank of Sri Lanka (CBSL), Fintrex is well above the required Capital Adequacy level at 21.57% while a well-managed liquidity position was reflected in its Liquid Assets ratio of 243%.

 

The Chairman of Fintrex had this to say. "I am happy to report that over the past year we have witnessed a strong resurgence in our operating performance. I credit the success achieved by the Company during this period to the selection of appropriate systems and processes as well as the agility and proactive outlook of the management team, enabling them to adapt to the changing external environment. Considering the upheavals experienced, I am pleased that the Company remained on track to achieve its planned business objectives despite the volatile external operating environment”.

 

The year under review saw the launch of a new android supported mobile banking application ‘My Fintrex’, a gold loan facility ‘Ran Shakthi’, ‘Easy Leasing’, ‘Vishwasa’ fixed deposits and ‘Smart Cash’, the latter being a unique, one of a kind facility to fulfill urgent cash requirements individuals might have in purchasing vehicles. Fintrex continued to upgrade its core banking system and invest substantially in its technology platforms as part of its digital journey to migrate to a customer centric automated environment.

 

The CEO of Fintrex attributed this robust all-round performance in a challenging environment to sound governance, a committed workforce, superlative customer service, conformance with regulations, the conduct of ethical business and migration to digital platforms that served to create a balance between managing Company risk and achieving business growth. In its pursuit of excellence, Fintrex intends to enhance its process efficiencies, push towards innovation while creating customer convenience through better technology.

 

The Company’s “Great Place to Work” certification by ‘Great Place to Work’, a global authority on work place culture assessment and its recognition as the ‘Fastest Growing Finance Company in Sri Lanka’ for 2021 by the Dubai based ‘International Business Magazine is proof of the Company’s capability and strength in a competitive financial services industry.