Vallibel Finance : Interim Financial Statements 31/03/2022

INTERIM FINANCIAL STATEMENTS

For the Year ended 31st March 2022

VALLIBEL FINANCE PLC

Statement of Profit or Loss and Other Comprehensive Income

							Amounts in Rupees '000
		Company					Group
		For the quarter ended 31st March
	2022	2021	Change		2022		2021		Change
			%						%
Gross Income	3,471,843	2,650,931	31.0		3,384,109		2,650,930		27.7
Interest Income	2,768,749	2,250,150	23.0		2,768,749		2,250,150		23.0
Interest Expense	(1,272,563)	(887,306)	43.4		(1,272,563)		(887,305)		43.4
Net Interest Income	1,496,186	1,362,844	9.8		1,496,186		1,362,845		9.8
Fee and Commission Income	251,281	126,640	98.4		251,281		126,640		98.4
Net Fee and Commission Income	251,281	126,640	98.4		251,281		126,640		98.4
Net Gain / (Loss) from Trading	(529)	(164)	223.1		(529)		(164)		223.1
Net Gain / (Loss) from other Financial Instruments at FVTPL	15,295	7,174	113.2		15,295		7,174		113.2
Other Operating Income	437,047	267,131	63.6		349,313		267,130		30.8
Total Operating Income	2,199,280	1,763,625	24.7		2,111,546		1,763,625		19.7
Impairment Charges and Other Credit Losses on Financial Assets	(66,338)	(26,102)	154.2		(66,338)		(26,102)		154.2
Net Operating Income	2,132,942	1,737,523	22.8		2,045,208		1,737,523		17.7
Expenses
Personnel Expenses	(386,290)	(226,957)	70.2		(386,291)		(226,957)		70.2
Premises Equipment and Establishment Expenses	(65,146)	(50,629)	28.7		(65,146)		(50,629)		28.7
Other Operating Expenses	(245,971)	(262,061)	(6.1)		(247,101)		(262,644)		(5.9)
Operating Profit Before Taxes on Financial Services	1,435,534	1,197,876	19.8		1,346,670		1,197,293		12.5
Taxes on Financial Services	(245,629)	(170,650)	43.9		(245,629)		(170,649)		43.9
Profit Before Income Tax	1,189,905	1,027,226	15.8		1,101,041		1,026,644		7.2
Income Tax Expense	(300,005)	(239,594)	25.2		(280,416)		(238,814)		17.4
Profit for the Period	889,900	787,632	13.0		820,625		787,830		4.2
Profit Attributable to :
Equity holders of the Company	889,900	787,632	13.0		820,625		787,830		4.2
Non Controlling Interest	-	-	-		-		-		-
Profit for the Period	889,900	787,632	13.0		820,625		787,830		4.2
Earnings Per Share (Annualised) - Rs.	15.12	13.38	13.0		13.94		13.38		4.2
Other Comprehensive Income for the Period , Net of Tax
Items that will never be reclassified to Profit or Loss
Actuarial Gains /(Losses) on Remeasurement of Defined Benefit Liability , Net of Tax	95,720	(23,020)	515.8		95,720		(23,020)		515.8
Net Actuarial Gains / (Losses) on Remeasurement of Defined Benefit Liability	95,720	(23,020)	515.8		95,720		(23,020)		515.8
Revaluation of Land & Buildings , Net of Tax	39,116	4,615	747.5		99,536		4,615		2,056.7
Net change in Revaluation of Land & Buildings	39,116	4,615	747.5		99,536		4,615		2,056.7
Items that are or may be reclassified to Profit or Loss
Fair Value Gains / (Losses) that arose during the period, Net of Tax	(226,311)	-	(100.0)		(226,311)		-		(100.0)
Net Gains / (Losses) on Investment in Financial Assets at Fair Value through	(226,311)	-	(100.0)		(226,311)		-		(100.0)
Other Comprehensive Income
Other Comprehensive Income for the Period, Net of Tax	(91,475)	(18,405)	397.0		(31,055)		(18,405)		68.7
Total Comprehensive Income for the Period	798,425	769,227	3.8		789,570		769,425		2.6
Attributable to :
Equity holders of the Company	798,425	769,227	3.8		789,570		769,425		2.6
Non Controlling Interest	-	-	-		-		-		-
Total Comprehensive Income for the Period	798,425	769,227	3.8		789,570		769,425		2.6

Vallibel Finance PLC

Interim Financial Statements for the Year ended 31st March 2022

VALLIBEL FINANCE PLC

Statement of Profit or Loss and Other Comprehensive Income

						Amounts in Rupees '000
		Company				Group
		For the Year ended 31st March
	2022	2021	Change		2022	2021	Change
			%				%
Gross Income	12,066,211	9,469,941	27.4		11,978,477	9,469,941	26.5
Interest Income	9,930,098	8,331,297	19.2		9,930,098	8,331,297	19.2
Interest Expense	(4,234,572)	(4,067,534)	4.1		(4,234,572)	(4,067,534)	4.1
Net Interest Income	5,695,526	4,263,763	33.6		5,695,526	4,263,763	33.6
Fee and Commission Income	672,707	373,551	80.1		672,707	373,551	80.1
Net Fee and Commission Income	672,707	373,551	80.1		672,707	373,551	80.1
Net Gain / (Loss) from Trading	13	642	(98.0)		13	642	(98.0)
Net Gain / (Loss) from other Financial Instruments at FVTPL	33,825	36,563	(7.5)		33,825	36,563	(7.5)
Other Operating Income	1,429,568	727,888	96.4		1,341,834	727,888	84.3
Total Operating Income	7,831,639	5,402,407	45.0		7,743,905	5,402,407	43.3
Impairment Charges and Other Credit Losses on Financial Assets	(592,489)	(575,076)	3.0		(592,489)	(575,076)	3.0
Net Operating Income	7,239,150	4,827,331	50.0		7,151,417	4,827,331	48.1
Expenses
Personnel Expenses	(1,404,670)	(1,068,763)	31.4		(1,404,866)	(1,068,771)	31.4
Premises Equipment and Establishment Expenses	(221,287)	(171,557)	29.0		(221,287)	(171,557)	29.0
Other Operating Expenses	(835,514)	(728,461)	14.7		(837,435)	(731,705)	14.4
Operating Profit Before Taxes on Financial Services	4,777,680	2,858,550	67.1		4,687,828	2,855,298	64.2
Taxes on Financial Services	(783,810)	(468,768)	67.2		(783,810)	(468,768)	67.2
Profit Before Income Tax	3,993,870	2,389,782	67.1		3,904,019	2,386,530	63.6
Income Tax Expense	(1,081,972)	(661,604)	63.5		(1,062,383)	(660,824)	60.8
Profit for the Period	2,911,898	1,728,178	68.5		2,841,635	1,725,706	64.7
Profit Attributable to :
Equity holders of the Company	2,911,898	1,728,178	68.5		2,841,635	1,725,706	64.7
Non Controlling Interest	-	-	-		-	-	-
Profit for the Period	2,911,898	1,728,178	68.5		2,841,635	1,725,706	64.7
Earnings Per Share (Annualised) - Rs.	12.37	7.34	68.5		12.07	7.33	64.7
Other Comprehensive Income for the Period , Net of Tax
Items that will never be reclassified to Profit or Loss
Actuarial Gains /(Losses) on Remeasurement of Defined Benefit Liability , Net of	95,720	(23,020)	515.8		95,720	(23,020)	515.8
Tax
Net Actuarial Gains / (Losses) on Remeasurement of Defined Benefit Liability	95,720	(23,020)	515.8		95,720	(23,020)	515.8
Revaluation of Land & Buildings , Net of Tax	39,115	4,615	747.5		99,536	4,615	2,056.7
Net change in Revaluation of Land & Buildings	39,115	4,615	747.5		99,536	4,615	2,056.7
Items that are or may be reclassified to Profit or Loss
Fair Value Gains / (Losses) that arose during the period, Net of Tax	(226,311)	-	(100.0)		(226,311)	-	(100.0)
Net Gains / (Losses) on Investment in Financial Assets at Fair Value through	(226,311)	-	(100.0)		(226,311)	-	(100.0)
Other Comprehensive Income
Other Comprehensive Income for the Period, Net of Tax	(91,476)	(18,405)	397.0		(31,055)	(18,405)	68.7
Total Comprehensive Income for the Period	2,820,423	1,709,773	65.0		2,810,580	1,707,301	64.6
Attributable to :
Equity holders of the Company	2,820,423	1,709,773	65.0		2,810,580	1,707,301	64.6
Non Controlling Interest	-	-	-		-	-	-
Total Comprehensive Income for the Period	2,820,423	1,709,773	65.0		2,810,580	1,707,301	64.6

Vallibel Finance PLC

Interim Financial Statements for the Year ended 31st March 2022

VALLIBEL FINANCE PLC

Statement of Financial Position

						Amounts in Rupees '000
		Company				Group
	As at	As at	Change %		As at	As at	Change %
	31st March			31st March
	31st March			31st March
	2021			2021
	2022		2022
		(Audited)				(Audited)

Assets

Cash and Cash Equivalents

Placements with Banks and Other Finance Companies Reverse Repurchase Agreements

Financial Assets Measured at Fair Value Through Profit or Loss (FVTPL)

Financial Assets at Amortised Cost - Loans and Receivables to Other Customers

Financial Assets at Amortised Cost - Lease Rental and Hire Purchase Receivables

Financial Investments Measured at Fair Value Through Other Comprehensive Income

Financial Assets at Amortised Cost - Debt and other Financial Instruments

Financial Assets at Amortised Cost - Other Financial Assets Investment in a Subsidiary

Investment Property

Property, Plant and Equipment

Right of Use Lease Assets

Intangible Assets

Deferred Tax Assets

Other Assets

877,638	1,683,003	(47.9)	900,930	1,712,138	(47.4)
4,167,388	267,312	1,459.0	4,167,388	267,312	1,459.0
1,770,612	1,795,352	(1.4)	1,780,761	1,795,352	(0.8)
314,015	1,188,829	(73.6)	796,422	1,352,703	(41.1)
50,691,039	33,660,559	50.6	50,691,039	33,660,559	50.6
14,973,325	14,085,116	6.3	14,973,325	14,085,116	6.3
1,737,815	204	852,606.2	1,737,815	204	852,606.2
100,424	-	100.0	100,424	-	100.0
13,648	15,162	(10.0)	13,648	15,162	(10.0)
0	0	-	-	-	-
1,179,500	1,100,000	7.2	-	-	-
756,193	614,155	23.1	3,208,303	2,119,144	51.4
781,225	583,945	33.8	781,225	583,945	33.8
28,672	9,898	189.7	28,672	9,898	189.7
141,915	80,267	76.8	143,203	81,048	76.7
156,803	141,235	11.0	151,830	139,271	9.0

Total Assets	77,690,211	55,225,037	40.7	79,474,982	55,821,852	42.4
Liabilities
Bank Overdrafts	1,062,547	983,750	8.0	1,062,547	983,750	8.0
Rental Received in Advance	227,759	247,761	(8.1)	227,759	247,761	(8.1)
Financial Liabilities at Amortised Cost - Deposits due to Customers	41,021,170	32,170,953	27.5	41,021,170	32,170,953	27.5
Financial Liabilities at Amortised Cost - Interest bearing Borrowings	20,034,340	11,282,499	77.6	21,835,482	11,880,987	83.8
Subordinated Term Debts	2,012,844	-	100.0	2,012,844	-	100.0
Lease Liabilities	858,556	599,681	43.2	858,556	599,681	43.2
Current Tax Liabilities	604,894	635,606	(4.8)	604,894	635,606	(4.8)
Deferred Tax Liabilities	142,581	112,558	26.7	142,581	112,558	26.7
Other Liabilities	989,545	841,326	17.6	985,488	842,124	17.0
Retirement Benefit Obligations	80,825	162,996	(50.4)	80,825	162,996	(50.4)
Total Liabilities	67,035,061	47,037,130	42.5	68,832,147	47,636,416	44.5
Equity
Stated Capital	1,325,918	1,325,918	-	1,325,918	1,325,918	-
Statutory Reserve Fund	1,699,795	1,554,199	9.4	1,699,794	1,554,199	9.4
Other Reserves	(47,934)	139,262	(134.4)	12,486	139,262	(91.0)
Retained Earnings	7,677,371	5,168,528	48.5	7,604,636	5,166,057	47.2
Total Equity attributable to Equity holders of the Company	10,655,150	8,187,907	30.1	10,642,835	8,185,436	30.0
Non Controlling Interest	-	-	-	-	-	-
Total Equity	10,655,150	8,187,907	30.1	10,642,835	8,185,436	30.0
Total Liabilities and Equity	77,690,211	55,225,037	40.7	79,474,982	55,821,852	42.4
Net Assets Value Per Share (Rs.)	45.25	34.78	30.1	45.20	34.76	30.0

The information contained in these statements have been extracted from the unaudited Financial Statements of Vallibel Finance PLC and the subsidiary unless indicated as audited.

Certification

These Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act, No.07 of 2007.

K.D.Menaka Sameera

Senior DGM - Finance & Administration

The Board of Directors is responsible for the preparation and the presentation of these Financial Statements.

Approved and signed for and on behalf of the Board ;

Dhammika Perera	S.B. Rangamuwa
Executive Director	Managing Director

27th May 2022

Colombo

Vallibel Finance PLC

Interim Financial Statements for the Year ended 31st March 2022

VALLIBEL FINANCE PLC

Statement of Changes in Equity - Company

						Amounts in Rupees '000
	Stated	Statutory Reserve	Revaluation	Fair Value Reserve	General	Retained	Total
	Capital	Fund	Reserve		Reserve	Earnings	Equity
Balance as at 01st April 2020	1,325,918	1,208,564	127,146	-	7,500	3,808,884	6,478,012
Total Comprehensive Income for the Period
Profit for the Period	-	-	-	-	-	1,728,178	1,728,178
Other Comprehensive Income, net of Tax
Net Actuarial Gains / (Losses) on Remeasurement of Defined Benefit Liability	-	-	-	-	-	(23,020)	(23,020)
Net change in Revaluation of Land & Buildings	-	-	4,615	-	-	-	4,615
Total Comprehensive Income for the Period	-	-	4,615	-	-	1,705,158	1,709,773
Transactions with owners of the Company
Contributions and distributions
Unclaimed Dividend Adjustments	-	-	-	-	-	122	122
Statutory Reserve Transfer	-	345,636	-	-	-	(345,636)	-
Total Transactions with Equity Holders	-	345,636	-	-	-	(345,514)	122
Balance as at 31st March 2021	1,325,918	1,554,200	131,761	-	7,500	5,168,528	8,187,907
Balance as at 01st April 2021	1,325,918	1,554,200	131,761	-	7,500	5,168,528	8,187,907
Total Comprehensive Income for the Period
Profit for the Period	-	-	-	-	-	2,911,898	2,911,898
Other Comprehensive Income, net of Tax
Net Actuarial Gains / (Losses) on Remeasurement of Defined Benefit Liability	-	-	-	-	-	95,720	95,720
Net change in Revaluation of Land & Buildings	-	-	39,115	-	-	-	39,115
Net Gains / (Losses) on Investment in Financial Assets at Fair Value through Other Comprehensive Income	-	-	-	(226,311)	-	-	(226,311)
Total Comprehensive Income for the Period	-	-	39,115	(226,311)	-	3,007,619	2,820,423
Transactions with owners of the Company
Contributions and distributions
Dividends to equity holders
Interim dividend paid for 2020/21	-	-	-	-	-	(353,180)	(353,180)
Statutory Reserve Transfer	-	145,595	-	-	-	(145,595)	-
Total Transactions with Equity Holders	-	145,595	-	-	-	(498,775)	(353,180)
Balance as at 31st March 2022	1,325,918	1,699,795	170,876	(226,311)	7,500	7,677,371	10,655,150

Vallibel Finance PLC

Interim Financial Statements for the Year ended 31st March 2022