CLC delivers robust 1H performance

Thursday, 25 November 2021 00:00 -     - {{hitsCtrl.values.hits}}

  • PBT of Rs. 2.4 b and PAT of Rs. 1.8 b 
  • Total Asset Base of Rs. 85 b; Loan portfolio amounted to Rs. 73 b
  • NPL at 5.7% against industry average of 12.9%

Director/CEO Krishan Thilakaratne

Further consolidating its achievements from the previous year of navigating the pandemic prudently while delivering a stellar year-end performance, Commercial Leasing & Finance PLC (CLC) posted strong results for 1H 2021/22. 

During the period, CLC recorded a Profit Before Tax (PBT) of Rs. 2.4 billion and a Profit After Tax (PAT) of Rs. 1.8 billion. This resounding performance can be attributed to exceptional portfolio management, with Non-Performing Loans (NPLs) maintained at 5.7% in contrast with an industry average of 12.99%. The company also sustained its rapid growth momentum during the six months under review, evidenced by a growth in the gross portfolio by 12% for six months and 24% for the last 12 months. Interest Income also rose by 12% over the corresponding period in the previous year.

The company’s Tier 1 Capital reached 20.22% and Tier 2 achieved 20.61%, well above regulatory requirements of 7% and 11% respectively. CLC’s overall equity rose to Rs. 23 billion during the period. The company possesses a diversified funding base consisting of deposits, capital market products, foreign funding lines, bank credit lines and a substantial level of equity. Reaffirming the strength and stability of CLC, ICRA Lanka Ltd. once again rated the company as SL (A), with a stable outlook in 2021. 

CLC continued to expand its geographic footprint during the year, opening three new branches in 1H 2021/22, bringing the total branch network to 70. Another seven are scheduled to be opened by the financial year-end. As one of Sri Lanka’s leading non-banking financial service providers, CLC offers many financial services ranging from leasing, loans, factoring, flexi cash, personal loans, Islamic finance, gold loans, credit cards, fixed deposits, savings and more – demonstrating market leadership across most of these product segments.

Commenting on the impressive 1H 2021/22 results, CLC Executive Director/CEO Krishan Thilakaratne said: “The true mettle of an organisation can be seen in tough times and CLC has proved itself yet again by delivering a forceful financial performance in the first half of the 2021/22 financial year against a backdrop of many challenges in the market. 

“CLC adopted a strategy of careful management of the credit portfolio while ensuring close monitoring of overheads and NPLs, making CLC one of the strongest financial institutions in the country.” 

 

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.

COMMENTS

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.