Abans Finance, a member of the Abans Group, has registered a pre-tax profit of Rs.51.5 million for the quarter ended 30 June 2016, compared to Rs.36.3.million recorded in the corresponding period of 2015, achieving a year-on-year growth of 41.86 %. The post–tax profit of the company for the quarter under review has also improved by 31.1%, from Rs.26.12 million in Q1 2015 to Rs.34.24 million in Q1 2016.
Fund based income (FBI) which experienced slight shrinking of Net Interest Margins (NIM) adversely impacted on the Net Interest Income (NII) of the entire NBFI sector and Abans Finance was no exception to this trend. Nevertheless, NII of the company recorded a remarkable increase of Rs. 58.8 million or 37.7 % during the period under review from Rs.155.9 million in Q1 2015 to Rs.214.7 million in Q1 2016, aided by the significant expansion of the asset-base of the company since Q1 2015, coupled with prudent liability management strategies.
Non fund based income (NFBI) which mostly comprises fees, commissions and other fee based income decreased to Rs.12.9 million as opposed to Rs.15.0 million earned for the first three months of the year 2015, reflecting a decline of 13.8%.