Orient Finance reports 161% PAT increase for 9-month period ended 31 December 2024

Orient Finance PLC for the nine months ended 31 December 2024 recorded a 161 percent increase in profit after tax, reaching Rs. 254.6 million compared to Rs. 97.6 million in the same period of the previous year. 

Net interest income surged by 37 percent, amounting to Rs. 1.66 billion from Rs. 1.21 billion, demonstrating strong portfolio growth and enhanced operational efficiencies.

Total assets expanded by 28 percent, rising to Rs. 25.3 billion, while loans and receivables increased by 36 percent to Rs. 19.76 billion. 

The company’s deposit base grew to Rs. 15.12 billion, marking a 19 percent increase, reflecting continued customer confidence. Meanwhile, total equity improved by 12 percent, standing at Rs. 3.86 billion.

Earnings per share (EPS) grew 163 percent to Rs. 1.21, up from Rs. 0.46, while net assets per share (NAPS) rose by 12 percent to Rs. 18.27.

For the month of December 2024, Orient Finance reported a Cost-to-Income Ratio of 68 percent, reflecting continued efforts towards cost management amidst challenging market conditions. 

The Gross Non-Performing Loan (NPL) Ratio stood at 9.62 percent, while the Provision Cover was maintained at a healthy 65.37 percent, demonstrating company’s prudent approach to credit risk management. 

As the quarter ended 31st December 2024, Orient Finance’s Tier 1 Capital Ratio stood at 13.14 percent, with the Total Capital Ratio recorded at 13.16 percent, both remaining comfortably above the minimum regulatory requirements.

Commenting on the results, Rajendra Theagarajah, Chairman of Orient Finance PLC, stated, “These exceptional results underscore our commitment to sustainable growth and operational excellence. 

Our focus on innovation and customer-centric financial solutions has strengthened our position in the market. As we continue to evolve, we remain dedicated to offering innovative financial products that meet the diverse needs of our customers while driving long-term shareholder value.”