Assetline Finance PLC (AFIN), a leading licensed finance company and the flagship financial services arm of the David Pieris Group, delivered another year of exceptional financial performance for the year ended 31 March 2026 while achieving several transformative milestones that significantly strengthened its institutional profile, broadened its funding capabilities, and positioned the Company for its next phase of sustainable growth.
The year marked a defining chapter in the Company's history with AFIN transitioning from a private limited company to a Public Limited Company (PLC) following the successful issuance and listing of its inaugural Rs. 5 billion Listed Debenture on the Colombo Stock Exchange. The debenture issue was fully subscribed on its opening day, reflecting strong investor confidence in the Company's financial strength, governance standards and long-term growth strategy. This landmark transaction not only diversified the Company's funding base but also enhanced its visibility within Sri Lanka's capital market and reinforced its commitment to transparency, governance and value creation.
Reflecting its strong business fundamentals, AFIN recorded a Profit After Tax (PAT) of Rs. 3,084.6 million, an increase of 13.6% over the previous year, while Profit Before Tax (PBT) rose to Rs. 6,387.8 million. Gross Income increased by 34% to Rs. 15,594.9 million, supported by strong lending growth, improved operating efficiency and favourable market conditions.
Demonstrating one of the strongest growth performances in the Non-Bank Financial Institution (NBFI) sector, the Company's total assets expanded by 71% to Rs. 89,523.4 million while its lease and loan portfolio recorded an impressive 85.1% growth to Rs. 79,195.0 million. The significant portfolio expansion was achieved while maintaining disciplined credit underwriting and prudent risk management, reflecting the resilience and scalability of AFIN's business model.
Despite this rapid expansion, the Company continued to deliver healthy shareholder returns, recording a Return on Equity (ROE) of 18.2%, while maintaining a Cost-to-Income Ratio of 37.6%, highlighting its continued focus on operational excellence and productivity.
Asset quality remained one of the Company's key strengths throughout the year, with Gross Stage 3 Loans reducing to 2.51% and Net Stage 3 Loans declining further to just 0.98%, reflecting the Company's disciplined credit underwriting, effective portfolio monitoring, and prudent risk management practices while significantly outperforming industry benchmarks. The Company also maintained an Overall Impairment Coverage Ratio of 2.6%, supported by a prudent Stage 3 Impairment Coverage Ratio of 61.6%, reinforcing the resilience of its balance sheet and its ability to absorb potential external shocks while supporting continued portfolio growth.
Beyond its financial performance, the Company achieved several strategic milestones that further strengthened its long-term growth platform. AFIN expanded its branch network to 63 locations across Sri Lanka, further enhancing customer accessibility and financial inclusion. The Company also obtained ISO 14064-1:2018 Greenhouse Gas Emissions Verification Certification, reaffirming its commitment to sustainable business practices and responsible corporate stewardship. Strategic collaborations with leading automotive brands, including Toyota Lanka and GWM, further strengthened the Company's leadership within Sri Lanka's Integrated Mobility Ecosystem, while supporting the growing adoption of electric vehicles and sustainable mobility solutions.
Commenting on the Company's performance, Chairman Nanda Fernando stated:
"The year under review marked a defining chapter in the evolution of AFIN. While our financial performance remained robust, the true significance of the year lies in the strength of the foundations we have built to support future growth. We strengthened our balance sheet, diversified our funding base, enhanced governance standards, improved operational resilience, and reinforced our unique position within Sri Lanka's mobility ecosystem."
Director & Chief Executive Officer Ashan Nissanka said the results reflected the successful execution of the Company's long-term strategy and its disciplined approach to sustainable growth.
"The year witnessed exceptional growth across every major performance indicator, underscoring the strength of the Company's business model and its ability to convert market opportunities into sustainable value creation. More importantly, this was a transformational year that elevated AFIN into a listed public limited company and strengthened the platform for our next phase of growth."
Looking ahead, AFIN remains well positioned to capitalise on Sri Lanka's improving economic outlook through its differentiated mobility-focused business model, diversified funding platform, disciplined risk management framework and continued investment in digital transformation, sustainable finance and customer-centric innovation. The Company will continue to expand its presence in mobility financing, including electric vehicles and renewable energy financing, while creating sustainable long-term value for shareholders, customers and the wider community.
