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As a part of our ongoing talent management action plans, we at Abans Finance recently conducted a session for our Recovery Team on ‘Synergy & Growth’

#LifeatAbans #AbansFinance

We cherished our women at Abans Finance PLC, celebrating International Women’s Day on the 6^th March 2021 at Oakray Regency in Kandy

We ran a variety of workshops focused on learning and health .Workshop started with a session on ‘Breast cancer awareness’ by National Cancer Control Programme – Ministry of Health Sri Lanka, Followed by a session on personal care conducted by Ms. Ishanka Senevirathna. Final session was on “ Healthy Living  & Yoga by Asiri Wellness centre – Kandy

#WomensDayCelebration #AbansFinance

 

Abans Finance PLC has announced its highest-ever after-tax profit of Rs. 188 million for the first nine months of FY21, despite the turbulent period due to COVID-19.

This was an increase of 1465% from the profit for the corresponding nine-month period last year where PAT was only Rs 12 million.

The achievement was whilst adhering to the Central Bank debt moratorium guidelines and taking a day-one loss of Rs. 72 million on the first moratorium.

Impressive results are also hot on the heels of the recent upgrade by Fitch Ratings in January 2021, from ‘BB+(lka)’ to ‘A (lka)’,

Abans Finance is a principal member of the prestigious Abans Group, the renowned household name in Sri Lanka. Through the backing of the Abans Group and a strong management team, led by CEO Dharshan Silva, the company has been able to diversify its lending portfolio, reduce its funding cost and improve collections to develop one of the best performances for a finance company in the past nine months.

“A key to this success has been the strong recovery culture within the organisation with close tracking of performance metrics coupled with incentives for everyone in the organisation. All this has been achieved whilst managing new COVID-19 protocols, including work-from-home models for staff and ensuring uninterrupted customer service,” Abans Finance said in a statement.

Fitch Ratings has revised the national long-term rating of Abans Finance PLC (AFP), a member of the Abans Group, from ‘BB+(lka)’ to ‘A (lka)’ following a revision of the National long term rating of the parent company, Abans PLC, from ‘BBB+ (lka)’ to ‘AA (lka)’.

AFP recorded a strong performance for the first half of FY 20 / 21 amidst the challenging economic landscape due to the COVID-19 pandemic. The company has recorded a net profit after tax of Rs. 63.6 million for the 1H of FY20/21 period ended 31 September 2020, compared to Rs. 27.7 million recorded in the corresponding year, achieving a YoY growth of 130%.

Despite adhering to CBSL debt moratorium guidelines and taking a day one loss on first moratorium, the aforesaid performance is attributable to the re-strategised activities which includes, timely replacement of new facilities with a time-tested asset backed new portfolio, company’s technology driven recovery and lending practices, which were more resilient during the COVID-19 period, and improved cost efficiencies implemented across the organisation.

Further diversification of the lending portfolio into various sectors and geographic areas together with strategies used in managing the concentration risk has further stabilised the quality of the lending portfolio and facilitated in maintaining a healthy liquidity position.

Despite the economic turbulence and the COVID-19 pandemic, the company is in line to record a comparatively higher sustainable profit in 2020/2021 financial year.

Abans Finance PLC, a member of the Abans Group, has recorded yet another solid performance during the 1H of FY 20 / 21 amid the challenging economic landscape. The Company registered a net profit after tax of Rs. 63.6 million for the 1H of FY 20 / 21 period ended 31st September 2020, compared to Rs. 27.7 million recorded in the corresponding year, achieving a YoY growth of 130%.

The aforesaid performance is attributable to the company’s technology driven recovery and lending practices, which were more resilient during the COVID-19 period, and improved cost efficiencies implemented across the organization. Having a diversified lending portfolio as well as a robust liquidity position aided the performance. Abans Finance PLC had a Risk Weighted Capital Adequacy Ratio above the Central Bank of Sri Lanka requirement, which reflects the stability of the Company. Furthermore, Fitch Rating reaffirmed Abans Finance PLC’s National Long-Term Rating at ‘BB+ (lka)’.

Backing of the parent company further supplements the stability of Abans Finance PLC. Abans Group – as a leading Sri Lankan conglomerate – has an annual net revenue of over Rs. 35Bn. Since 1968, Abans Group’s sphere of influence has been growing and far-reaching, extending to every corner of Sri Lanka. More recently, Fitch Rating reaffirmed Abans Group’s National Long-Term Rating at ‘BBB+ (lka)’ reflecting the stability and the stature the Group has earned in the market.

Abans Finance PLC granted debt moratoriums to customers for the period commencing from April 2020 to 30 September 2020 to meet the recommended debt relief scheme of the Central Bank of Sri Lanka in a bid to support the recovery of the economy. While the threat of COVID-19 remains at large in Sri Lanka, the company has taken steps to strengthen its resilience through strategic diversification of the lending portfolio and maintaining a healthy liquidity position. Despite the economic turbulence and the COVID-19 pandemic, the company has re-strategized its activities to be in line to record a higher net profit in 20 / 21 compared to the previous financial year.

Abans Finance, a member of the Abans Group, has ended the financial year with a solid performance amidst challenging market conditions.

The company registered a pre-tax profit of Rs. 151.5 million for the period ended 31 March 2020, compared to Rs. 110.8 million recorded in the corresponding year, achieving a YoY growth of 37.1%.

This solid performance was made possible by focusing on introducing technology and credit scoring to loan origination, developing stronger collection practices and improving cost efficiencies across the organisation.

Abans Finance has also maintained a strong Capital Adequacy Ratio. As of 31 March 2020, the Risk Weighted Capital Adequacy Ratio stood at 11.21%, well above the required level of 10.5%, reflecting the Company’s focus on strengthening risk and stability. Abans Group is a leading Sri Lankan conglomerate with annual turnover of over Rs. 35 billion. Since 1968 Abans Groups’ sphere of influence has been growing and far-reaching, extending to every corner of Sri Lanka. Its presence in key industries, including retail, commercial real estate, manufacturing, logistics, environmental management, automobile and finance, has had a transformative impact on the Sri Lankan economy as a whole.

More recently, Fitch Ratings reaffirmed Abans Group’s National Long-Term Rating at ‘BBB+ (lka)’ reflecting the stability and the stature the Group has earned in the market.

Abans Finance’s principal lines of business include finance leasing, mortgage loans, personal loans, and acceptance of time and savings deposits. The company currently operates across the island with over 20 centres and is further backed by the over four hundred Abans PLC’s outlets island-wide.

Hyundai Motor Company has announced Abans Auto as the authorised distributor for Sri Lanka.

As the authorised distributor, Abans Auto will market and service the total model range of Hyundai Vehicles in Sri Lanka. The landmark agreement embodies Abans Auto’s significant brand presence and influence in the automotive industry as well as Hyundai Motor’s aim to expand further into this emerging market.

“We are deeply delighted to be partnering with Hyundai Motor Company, a world-class and world-renowned automotive brand. Through this milestone partnership, we hope to provide Sri Lankan consumers the opportunity to experience the signature design, lifestyle and experience that Hyundai vehicles offer, and revolutionise Sri Lanka’s present automotive market with the vehicles of the future,” said Abans Group Managing Director Behman (Tito) Pestonjee.

Under this partnership, Abans Auto will be distributing the entire line-up of Hyundai vehicles, especially recent new exciting models including Venue, Tuscon, Ioniq EV and Kona EV. The predominant focus will be on Hyundai Venue, a vehicle that packs both practicality and personality.

Venue offers the versatility of a stable and comfortable driving experience, while providing the best fuel efficiency of its class. Having debuted at the New York International Auto Show in April, the all-new 2020 Venue is the latest addition to the Hyundai Motor’s entry SUV segment.

Other upcoming events include the launch of the Hyundai Digital Centre, which will soon be opened at Colombo City Centre. Being the first of its kind in Sri Lanka, this centre will be an innovative automotive retail concept that will use immersive 3D technology to further enhance the Hyundai customer experience.

Abans Finance PLC won an award for Exemplary Work in Digital Transformation at the recently concluded Sri Lanka Digital Dialogue 2019 held at Shangri-La Hotel – Colombo. This award mainly recognized the following innovative Digital Transformation initiatives launched by the company which puts the company ahead of the competition in terms of Technology Adoption gaining high degree of competitive advantage

– Electronic Purchase Orders sent via the Mobile App during the Lease Origination which helps in reducing the lead times in Facility Activation
– Business Intelligence Dashboards – which provides detailed analytics on how the Sales and Collection operations perform in real-time basis.

http://www.ft.lk/financial-services/Abans-Finance-on-a-journey-of-digital-transformation/42-665485
http://salt.lk/abans-finance-on-a-journey-of-digital-transformation/

Colombo, Monday 10 th October 2018: Abans Finance PLC, a fully-owned subsidiary of the
prestigious Abans Group recently won many accolades for projects undertaken and successfully
completed under its digital transformation drive. The company which was established in 2006,
took a major leap in its Digital Transformation journey during the years 2017/2018 in keeping
with the evolving global trends of the digital age, while the company also launched some
innovative products.

Abans Finance’s Head of IT Gayan Wickramasinghe was recently recognized with the Digital
Maestro Award for outstanding work done by Chief Information Officerss and IT leaders in Sri
Lankan enterprises to bring about true digital-led transformation and innovation within their
organizations. Organized by dynamicCIO at the Sri Lanka Digital Dialogue 2018 summit
in Colombo on 14th September, 2018, the award recognized individuals for successfully leading
the organization’s digital journey from the front.
Speaking on this achievement Head of IT Gayan Wickremasinghe said, “Abans Finance has
taken strategic initiatives since the commencement of this year to transform all aspects of our
business operations to digital frameworks. Our aim is to not only streamline our internal
processes but to also benefit our end customers by offering state-of-the-art solutions for their
financial needs”.

In line with these aspirations, the company recently launched AFiMOBILE, a mobile application
for Lending and Collections. This is a pioneering Mobile Application for Marketing Officers and
Recovery Officers, with the objective of initiating a Lease or a Personal Loan and improving the
Recovery process in the field. The new-age app also allows users to keep track of progress of a
lease or personal loan in its approval stages, and also keeps tab on collections and defaulting of
payments. The recently launched app has helped cut down lead times and streamline the
workflow originating at the point of onboarding a customer to the point of activating the facility.
With the use of Geo-Tags for locating the customers, the Recovery and Collection processes too
have improved drastically.

Furthermore, Abans Finance also migrated to new internal systems during the year. A new core
information system “SkyBank” is currently being integrated module by module covering the
range of services offered by the company. Upon completion the system will also include features
such as a digital banking front-end for customers. AFPLC hopes to extend online services with a
Digital Banking Frontend to its customers in the future.

The Company is now leveraging on improved collection of sales and collections data, with the
use of a powerful Business Intelligence tool and presenting actionable information to help
executives, managers and other corporate end users make informed business decisions.
Keeping with the paperless trends of the business environment, Abans Finance also integrated a
new solution to track, manage and store documents thereby reducing the paper-trail. An added
disaster recovery site linked with the document storage ensures that customer data is secured even in the event of a large scale disaster such as fire, flood, and earthquake at the primary data
center.

Abans Finance has also launched its own cloud-based intranet for internal staff usage, while
migrating staff email backups to the cloud frame as well. The new intranet also serves as a
collaboration point for staff spread across the company’s branch network. In order to access the
intranet the VPN links with branches was also upgraded.
To ensure the stable continuity of the new digital transformation, Abans Finance has also
upgraded its information systems security policy and set up a business continuity plan for the
digital shift.

Fazal Ghaffoor, CEO Amãna Takaful PLC ( 4th from left ) and Roshan Nanayakkara, CEO/ MD, Abans Finance PLC ( 3rd from right ). Also participating from Amãna Takaful PLC were (from left to right) : Anura Jayesinngha, Head Of Leasing Institutions Business Development, Noushad Cassim, Head Of Sales – Metropolitan, Zakir Kanaka, Senior Manager – Broker & Leasing together with Muditha Silva, Head Branches, Mehesh Liyanaarachchi, Senior Executive from Abans Finance PLC

An MOU was signed between Amãna Takaful PLC and Abans Finance PLC offering the Tuk Tuk Full product for the Three Wheel portfolio of Abans Finance. When a customer obtains a Comprehensive Tuk Tuk Full policy from Amãna he/she is eligible for a Free Three Wheeler Tyre. In addition to this complementary offer the insured will also be able to subscribe for virety of benefits that gives comprehensive indemnity across a range of circumstances. In terms of personal cover, the ‘Tuk Tuk Full’ scheme offers Rs. 100,000 in insurance cover for 38 critical illnesses; Rs. 25,000 for funeral expenses for owner/named driver, spouse and children; Rs. 300,000 for permanent total disability due to accident and sickness; Rs. 300,000 as death cover; Rs. 750 up to 10 days as loss of income due to hospitalisation and Rs 1,000 up to four days loss of income due to unavailability of the three wheeler.

In essence, ‘Tuk Tuk Full’ ensure that its customers have an all-encompassing safety net in times of hardship and that customers do not suffer from inadequate insurance cover that does not take into account the harsh realities they have to combat on a daily basis. Very often, the three wheel driver is the sole breadwinner in the family and it is critical that the regular flow of income is maintained despite any hardships that crop up from time to time.