Siyapatha Finance PLC recently announced steady financial growth for the first half of 2024, ending June 30. The company achieved a profit after tax (PAT) of Rs. 513 million, marking a remarkable 189% increase compared to the same period last year. Profit before tax (PBT) also saw substantial growth, rising by 133% to Rs. 1,215 million.
Net interest income experienced a significant rise of 70% to reach Rs. 2,078 million, up from Rs. 1,223 million in the previous year. This increase was primarily driven by a notable decrease in interest expenses as of June 30, 2024.
Siyapatha Finance reported a return on assets of 4.35% and a return on equity of 13.29%, while maintaining a cost-to-income ratio of 55.59%, reflecting a positive shift of 13.93% compared to the previous year.
The company demonstrated robust financial stability against socioeconomic challenges, evidenced by Tier 1 and total capital adequacy ratios of 16.43% and 19.42%, respectively, surpassing the statutory minimum ratios of 8.50% and 12.50%.
In terms of asset quality, total assets increased to Rs. 56 billion from Rs. 47 billion in the corresponding period last year, with an improvement in asset quality reflected in a 7.74% reduction in the non-performing advances ratio.
Established in 2005 and regulated by the Central Bank of Sri Lanka, Siyapatha Finance PLC has built a reputation as a leading finance company known for its commitment to excellence and customer-centric financial solutions.
As a publicly listed entity on the Colombo Stock Exchange for over a decade, Siyapatha Finance PLC offers a diverse portfolio that includes finance leasing, loans, gold financing, revolving loans, and factoring services. Fitch Ratings has affirmed Siyapatha Finance PLC’s National Long-Term Rating at BBB+ (lka) with a Stable Outlook, highlighting the company’s strong financial standing and promising growth trajectory.
Siyapatha Finance PLC, the largest fully-owned subsidiary of the Sampath Bank group, operates an islandwide network of branches, including in the North and East, ensuring high standards of service delivery to customers. Over the past 19 years, the company has contributed to the development of small and medium enterprises and has fulfilled individual financial needs across the island.