SMB Finance surpasses Rs.6bn assets

• Markes milestone in two years of obtaining finance business licence

SMB Finance PLC has marked a significant milestone in its journey by surpassing a total asset base of Rs.6 billion, within a mere two years of obtaining its finance business licence. 

The year 2024 proved to be a landmark for SMB Finance, as the company also recorded its highest-ever profit before income tax of Rs.199.7 million, a 23 percent increase from Rs.161.8 million recorded in 2023. Profit after tax also significantly rose to Rs.151.0 million in 2024, from Rs.119.9 million in the previous year, reflecting a 26 percent year-on-year growth. 

These outstanding results reflect the efficacy of SMB Finance’s strategic initiatives, prudent financial management, reflecting its unwavering commitment to operational excellence and value creation for its stakeholders.

In 2024, SMB Finance demonstrated a strong financial performance across different key indicators. Net operating income surged to Rs.561 million, up from Rs.428 million in the previous year, marking a robust 31 percent year-on-year growth. 

Earnings per share doubled to Rs.0.02, from Rs.0.01 in 2023, reflecting enhanced shareholder value and profitability. Net assets per share also exhibited a modest yet steady improvement, increasing to Rs.0.38, from Rs.0.37, a 3 percent rise, while total equity grew to Rs.3,638 million, from Rs.3,487 million. Surpassing a total asset base of Rs.6 billion, the company also recorded a 21percent growth in loans and advances in 2024, rising to Rs.1,783 million, from Rs.1,471 million in the previous year.

Chairman Ravi Wijeratne said, “I am delighted to report that SMB Finance made the highest-ever profit before income tax of Rs.199.7 million in 2024, reflecting the relevance of our business model and successfully surpassed the Rs.6 billion total asset base as planned in its second year of operations as a finance company in Sri Lanka.”