Siyapatha Finance delivers strong results in 2024
View(s): 40Siyapatha Finance PLC has 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, the company said in a media release. This growth solidifies the company’s ability to optimise 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 marked 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. Total assets increased significantly to Rs. 59.70 billion at end December 2024, up from Rs. 46.24 billion in the previous year, marking a 29.13 per cent 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.
Despite an 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 capitalisation of retained earnings, with retained earnings and the statutory reserve fund reflecting consistency in
capital management.
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