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Orient Finance achieves net profit of Rs. 186.39 Mn, reflecting 300.67% increase

Orient Finance PLC has reported a significant financial turnaround, achieving a net profit of Rs. 186.39 million for the financial year ending March 31, 2024, which marks a 300.67% increase from the previous year's loss of Rs. 92.88 million. This impressive growth is attributed to a strategic focus on core business activities, enhancing operational efficiency, and implementing robust risk management practices. The company also saw a 23.7% increase in interest income, reaching Rs. 2.7 billion, and a 12.7% rise in net interest income to Rs. 1.3 billion. Additionally, Orient Finance managed to reduce its impairment charges by 36.5% to Rs. 387.7 million, reflecting better asset quality and credit risk management. The company's total assets grew by 10.5% to Rs. 17.7 billion, and its lending portfolio expanded by 11.3% to Rs. 14.3 billion. Despite these gains, the company faced challenges such as increased operating expenses and a slight decline in fee and commission income. However, the overall financial health of Orient Finance has improved, positioning it well for future growth and stability.

Read the Full Daily News Article at:
[ https://www.dailynews.lk/2024/12/09/business/684994/orient-finance-achieves-net-profit-of-rs-186-39-mn-reflecting-300-67-increase/ ]