Accordingly, the Company recorded a PAT of LKR 150 million, up from just LKR 35 million in the corresponding period in the year prior.
Net Interest Income too rose by 79.72% during the period under review to LKR 913 million, against LKR 508 million previously, on the back of a tighter monetary environment.
Also, notably, during the 6 months ended 30th September 2022, Asia Asset Finance PLC was able to successfully expand its branch network to 65 locations islandwide, up from 45 locations at the end of September 2021.
Asia Asset Finance PLC has established itself as a premier licensed finance company in Sri Lanka with an extensive array of gold-focused financial products and services, and an asset base that exceeds LKR 22 billion, up from LKR 17.7 billion at the end of September 2021, an increase of 25%.
Asia Asset Finance PLC is owned by Muthoot Finance, an India-based global financial services giant, with over LKR 2.54 trillion worth of assets, worldwide.
Muthoot Finance posted profits exceeding LKR 100 billion from its global operations this year, an amount larger than the total profits made by all finance companies in Sri Lanka, combined.
This achievement by its parent company underscores Asia Asset Finance PLC’s strength, stability and reliability, being backed by a truly global financial services giant.
Commenting on Asia Asset Finance PLC’s commendable performance in just the first 6 months of FY 2022/23, Chief Executive Officer, Mr. Rajiv Gunawardena said,
“This year, we have been able to achieve significant growth and performance that has exceeded investor and market expectations due to our concentrated focus on gold-based financial services.
Gold continues to remain one of the most stable financial assets in the market, and thus we have been able to use this, together with the tightening monetary environment to deliver exceptional value to our customers and investors.
We have also taken an innovative approach this year and designed, developed, and launched to market Sri Lanka’s first gold-oriented financial products, which are bound to attract new customers over the rest of the year.
We are now intent on maintaining this present momentum and continuing to deliver value to all stakeholders, particularly through a focus on digitalization and automation.
I am also pleased to note that the Company has managed to achieve a 25.44% Capital Adequacy Ratio, which is probably one of the best in the entire financial sector, underscoring our robust strength and stability, despite a challenging economic environment.”