Fintrex Finance recorded excellent results for the 6 months ended 30.09.2023


Fintrex Finance Limited (FFL) has once again recorded exceptional performance for its 6 months ended 30th September 2023. The company recorded a PBT of Rs. 155.2Mn and a PAT of Rs. 87.5Mn, representing growths of 343% and 237% respectively compared to the 1H of previous FY. Interest Income surged by 23.2%, reaching Rs. 1,303.5Mn, whilst investment income saw a substantial boost of Rs. 72.98 Mn. This growth can be attributed to the strategic investment decisions and margin management implemented during a period of rising interest rates.

The total asset base of the Company increased by 13% compared to the last audited financials and reached Rs. 12.43Bn as of 30th September 2023. The gross lending portfolio grew by Rs. 688 million and reached Rs. 10.9 billion. The key contributor to the gross loans and advances is leasing which represents 52% of the total portfolio. The company is in the process of expanding the portfolio focusing on quality lending and this strategic move underscores the commitment to responsible and sustainable growth. As evidence of continued trust and confidence placed upon the company, customer deposits grew to Rs.4.9Bn.

FFL is well above the minimum capital requirements stipulated by the Central Bank of Sri Lanka. Capital adequacy ratio stood at 21.64% at the end of September 2023 which was well above the minimum requirement of 12.5%.

FFL has been maintaining liquidity buffer through prudent cash flow management and minimizes the risk of cash flow disruptions. The available amount of liquid assets improved significantly to Rs.1,513Mn and represented over 268% of the required regulatory minimum amount of liquid assets that had to be maintained at the end of 30th September 2023. Majority of liquidity assets in the form of high yielding treasury bills.

During the period Fitch Ratings has affirmed FFL's National Long-Term Rating of 'B+(lka)' and improved to stable outlook. The company was honored with Bronze Award at the Annual Reports TAGS Awards 2022, organized by the Institute of Chartered Accounts of Sri Lanka, and was recognized as one of the Most Respected Companies in Sri Lanka by LMD for the second consecutive year. The company was also certified for the second consecutive year as a “Great Place To Work” by the renowned global institute GPTW.

Fintrex Finance Limited is owned by Bluestone 1 (Pvt) Limited which comprises a consortium of world class investors including global insurance giant, ‘Fairfax Holdings’ who holds a 70%. The Board of Directors Fintrex are Messrs. Ajit Gunewardene - Chairman, Ronnie Peiris, Shantanu Nagpal, Sabry Ibrahim, Shrihan Perera, Nilam Jayasinghe, and Kathirgamar Sivaskantharajah. Further, Mr. Kapila Ariyaratne, a veteran banker, former Director/ Chief Executive Officer of Seylan Bank, joined as a director with effect from 01st November 2023.