Richard Pieris Finance posts Rs. 444 mn PBT for FY 2021/22

Richard Pieris Finance Limited, a fully owned subsidiary of the Richard Pieris Group, and the sole financing arm under the renowned Arpico brand, delivered solid financial performance for the Financial Year 2021/22, amidst a challenging economic backdrop.

Supported by the Company’s committed workforce and prudent management strategies, Richard Pieris Finance’s profit before taxes (PBT) rose by a notable 283% to Rs. 444 million, compared to prior year. The company also saw revenues growing by 16% to Rs.2,441 million during the period. The Company’s deposit base and asset base too grew during the year to Rs.9,910 million and Rs.17,927 million respectively.CEO at Richard Pieris Finance Limited Lohika Fonseka, said, “The management of Richard Pieris Finance Limited has successfully guided the Company through some of the most challenging times our nation has ever faced.

We intend to continue this trajectory, building on our achievements.Supported by our digital drive, the company obtained the membership in CEFTS and JustPay during the year to further customer convenience. Also, we have introduced several new products including pawning to expand our portfolio. During the year, Richard Pieris Group infused Rs. 280 million of equity capital for strengthening the company’s Tier-1 capital base and the company successfully concluded a debt capital infusion of Rs. 1 billion to improve the Tier-2 capital base, which positioned the company well above its peers in terms of capital adequacy.’

“While maintaining stability and resilience, we look forward to continuing our business expansion as we pivot and position to tackle the challenges ahead, while always focusing on customer convenience.” Underlining the stability and strength of Richard Pieris Finance Limited, the Company has been assessed with the coveted AA-(RWN) from Fitch Ratings Lanka Limited.