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People’s Leasing & Finance PLC posts Rs 2.14 billion profit After Tax

By: Staff Writer

February 15, Colombo (LNW): People’s Leasing and  Finance PLC recorded profit After Tax (PAT) reached Rs. 2,141 million for the 9 months, for the third quarter of fiscal year 2023/24 contributing Rs. 1,039 million, with an increase of 30.8% compared to the corresponding period in the previous fiscal year, officils of the company said.  

Commenting on the financial performance, People’s Leasing & Finance CEO Shamindra Marcelline stated: “We have strategically navigated through evolving market conditions to achieve exceptional profitability and profit growth while fortifying our balance sheet and mitigating impairment risks.

With the emerging economic recovery, PLC is positioned to seize opportunities and sustainably deliver value to stakeholders.”

This growth, attributed to the reversal of impairment charges and other losses, underscores PLC’s commitment to financial excellence and strategic financial management.

Despite a moderated Interest Income for the period, PLC recorded a commendable rise of 2.8% in Net Interest Income for Q3 of financial year 2023/24.

People’s Leasing focuses on enhancing credit quality and promoting collections has yielded positive results, with Impairment Reversal for the nine months ended 31 December 2023, amounting to Rs. 114 million.

Notably, Impairment Reversal for Q3 2023/24 surged by 94.4% compared to the corresponding period in the previous year.

With a continued focus on right-sizing its balance sheet and loans and receivables portfolio, People’s Leasing and Finance has demonstrated strength in navigating a positive business environment with changing market dynamics.

As of 31 December 2023, the Total Asset Base stood at Rs. 156,007 million, while the Total Loans and Receivables Portfolio amounted to Rs. 102,275 million.

In addition, the People’s Leasing & Finance Group reported a notable increase of 23.2% in PAT for the nine months ended December 31, 2023, reflecting positive growth momentum.

The Group’s Total Assets and Loans and Receivables portfolio remain substantial, further solidifying PLC’s position as a leading player in Sri Lanka’s non-banking financial services sector.

 With its robust financial performance and strategic adaptability, People’s Leasing & Finance remains dedicated to driving substantial contributions to the economic prosperity of Sri Lanka, upholding its esteemed legacy as a dependable financial partner.

People’s Leasing & Finance PLC – a subsidiary of People’s Bank, and a publicly listed limited liability company on the Main Board of the Colombo Stock Exchange (CSE) – operates with a diverse portfolio of five subsidiaries.

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