Fintrex Finance Limited concluded the financial year 2021/22 with a pretax profit of Rs.440Mn and a profit after tax of Rs.327.5Mn, representing growths of 75.4% and 68.5% respectively compared to the previous financial year, despite the many challenges faced by the industry during the subject period. The Company ROA and ROE at 4.1% and 12.2%, respectively, were pleasing. With a Provision Cover of 95.5%, a Core Capital Adequacy Ratio of 23.6% and Available Liquid Assets above 300% of Required Minimum Liquid Assets, the financial position of the company as of 31st March 2022 remains strong.
The company balance sheet also grew during the year posting strong results. Total Assets increased to Rs. 12.62Bn from Rs. 8.94Bn, growth by 41.1%. Total deposits recorded a phenomenal growth to Rs. 1.86Bn from Rs. 455.37Mn, growth of 308.1% reflecting trust and confidence placed by the public on Fintrex, its Board and the Management. Total equity of the company improved to Rs. 3.15Bn and is well above the capital requirement of Rs. 2.5Bn stipulated by the Central Bank of Sri Lanka.
Commenting on the strong financial performances, Mr. Ajit Gunewardene, Chairman, stated; Fintrex recorded remarkable progress amidst a volatile setting facilitated by our prudent strategic foresight and the motivated team who persistently steered outcomes for the Company and its stakeholders. Good governance is at the heart of our operating model. Conformance with the regulations, and ethical business, are musts and any deviation from it has zero tolerance. We believe that such an approach will result in an improved, but sustainable, financial performance. Our strategies, investments, operations and risk management are geared towards maintaining an appropriate balance between growth and risk in achieving a ROI which will continue to attract equity and non-equity capital over the short, medium and long terms”.
Fintrex General Manager/CEO, Mr. Jayathilake Bandara, stated; "Our above average, all-round performance reflects the commitment of all our employees who worked tirelessly as a team in meeting the variety of operational challenges in providing timely customer service, securing new business, mobilizing deposits and collecting dues, amongst others. During the year company also completed several CSR projects centered on wellbeing of our children in need at Vajira Sri Child Development Centre and Padaviya Mahasenpura Vidyalaya and also teamed up with the Ministry of Health to create awareness and prevention of Covid19.
The company is conferred with “Great Place to Work” certificate by ‘Great Place to Work’, the global authority on work place culture assessment. Additionally, Fintrex was recognized as the ‘Fastest Growing Finance Company in Sri Lanka’ for 2021 by the Dubai based ‘International Business Magazine. Mr. Jayathilake Bandara adds, “These awards evidence Fintrex’s team spirit, its passion for customer service, relentless pursuit of process improvements and innovative solutions. Our focus continues through the current year enhancing customer convenience through better technology.”
Owned by ‘Bluestone 1 (Pvt) Limited’ comprising of a consortium of world class investors, the Fintrex Board consists of Messrs. Ajit Gunewardene, Ronnie Peiris, Shantanu Nagpal, Ahamed Sabry Ibrahim, Shrihan B. Perera, Nilam Jayasinghe and K. Sivaskantharajah all renowned experts in the domains of financial services.