Abans Finance Records Remarkable Growth In 2011 | The Sunday Leader

Mrs. Mano Alles

Abans Financial Services Ltd. has announced an impressive surge in profits for the year just ended reaping rich dividends from a carefully executed strategy of pursuing sustainable growth. The Financial Services subsidiary of Sri Lanka?s leading household appliances powerhouse Abans, has reported its strongest ever position in terms of corporate earnings and financial stability.
Leveraging on a powerful corporate franchise and branch network, Abans Financial Services Ltd. has successfully established its footprint in a highly competitive industry. The remarkable performance enabled the Company to record greatly enhanced pre-tax and post-tax profits in 2011 compared to results achieved a year ago.? The challenges now for Abans Finance is not just? for vigorous? growth? in their business unit but to work the synergies between them in order to maximize revenue and build a Brand. Strategic expansion plans saw overall leasing, hire purchase and loan advances increase by 52% year-on-year from Rs. 1.1 billion in 2010 to Rs. 1.68 billion in 2011, while public deposits grew by 47% from Rs. 1 billion to Rs. 1.48 billion in the same period.
Non-performing advances declined sharply compared to the previous year. A?? well thought of appraisal criterion was operative in customer evaluation which resulted in strong portfolio quality. ?We were very confident that our prudent strategy for corporate growth would pay off, with benefits flowing to all our stakeholders. Our tremendous accomplishment is attributable to our team, who diligently implemented the aggressive strategy to achieve unprecedented improvement in almost all operational areas. As a result 2011 is recorded as the best performing year in our short history,? commented Mrs. Mano Alles, Managing Director/ Chief Executive Officer of Abans Financial Services Ltd. She is also a former veteran banker.
?We are now poised for an exciting new era where we will focus on executing our growth strategies. Our plans focus on expanding our geographical presence as well as catering to new customers in emerging markets. We intend to open 5 more branches this year, as part of our expansion plans.? We will partner our clients on a mutually rewarding journey and will continue to play an integral role in supporting our customer requirements, through cutting-edge solutions, unparalleled service and ultimate customer satisfaction,? she added.
Mrs. Alles observed that the company was on the path of seeking a listing on the Colombo Stock Exchange, by way of an introduction, around June this year and thereafter proposes to embark on an initial public offering.
Abans Financial Services Ltd. is a subsidiary of Abans(Pvt) Ltd. and is registered as a Finance Company with the Central Bank of Sri Lanka under the Finance Companies Act No 78 of 1988. The Company offers a robust portfolio of financial products, with an extensive outreach facilitated by Abans (Pvt) Ltd. of over 300 branches and a network of authorized dealers that spans the island.

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Source: http://www.thesundayleader.lk/2011/05/22/abans-finance-records-remarkable-growth-in-2011/

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