Siyapatha Finance PLC delivers strong financial performance in FY 2024, demonstrating strong customer trust and market confidence

Siyapatha Finance PLC announced a strong financial performance for the fiscal year 2024 with the highest recorded profit in Siyapatha history, reflecting its strategic expansion, prudent financial management, and resilience in a dynamic economic environment.

For the year ended 2024, Siyapatha Finance PLC recorded a net interest income of Rs. 4,534 million, marking a substantial increase from Rs. 3,121 million in 2023. This growth solidifies the company’s ability to optimize its interest-earning assets and maintain a strong net interest margin despite market fluctuations. Additionally, net fee and commission income increased to Rs. 346 million in 2024 from Rs. 328 million in 2023, demonstrating the company’s steady revenue generation from non-interest sources. Other operating income also experienced a notable surge, reaching Rs. 1,097 million in 2024 compared to Rs. 601 million in the previous year, driven by strategic diversification initiatives.

Operating profit before taxes on financial services stood at Rs. 2,908 million in 2024, a remarkable improvement from Rs. 1,677 million in 2023. The company’s strong operational efficiency and disciplined cost management contributed to this impressive performance.

Profit for the year reached Rs. 1,203 million, up from Rs. 710 million in 2023, reflecting continuous efforts of  Siyapatha Finance  to sustainable profitability. Meanwhile, total comprehensive income for the year increased to Rs. 1,208 million in 2024 from Rs. 714 million in 2023, further reinforcing the company’s solid financial foundation.

Total assets increased significantly to Rs. 59.70 billion as of 31 December 2024, up from Rs. 46.24 billion in the previous year, marking a 29.13% year-on-year growth. This expansion was primarily driven by a notable increase in Lending Portfolio, which grew by 36.09 to Rs. 46.05 billion, reinforcing the company’s strong portfolio management and customer demand.

The company’s liabilities increased by 38.99 to Rs. 51.25 billion, mainly due to a significant rise in Customer Deposits, which surged by 23.5 to Rs. 32.2 billion. This increase aligns with the company’s ongoing expansion and operational scale-up to meet rising customer demand. Short-term and other borrowed funds also saw a sharp increase, reflecting the company’s strategic leverage to support its growing operations.

Despite the increase in liabilities, Siyapatha Finance maintained a strong equity position at Rs. 59.7 billion, demonstrating financial stability and investor confidence. The stated capital increased from Rs. 2.86 billion to Rs. 2.87 billion due to the issuance of scrip dividends, which resulted in the capitalization of retained earnings, with retained earnings and the statutory reserve fund reflecting consistency in capital management. The company’s net asset value per share stood at Rs. 84.18 as of 31 December 2024, slightly Higher than Rs. 72.63 in the previous year, reflecting market adjustments.

Siyapatha Finance’s strong financial performance for FY 2024 underscores its strategic focus on portfolio growth, prudent financial management, and resilience in navigating market challenges. The company remains well-positioned to capitalize on emerging opportunities and continue delivering value to stakeholders in the coming financial year.

For more information, please visit: www.siyapatha.lk