People’s Leasing and Finance moves up in ‘Business Today – Top 30’ listings

Monday, 31 December 2018 00:58 - - {{hitsCtrl.values.hits}}

People’s Leasing & Finance PLC is the largest and leading nonbank finance sector institution in Sri Lanka affiliated to the People’s Bank.

PLC marked a milestone as a top corporate by receiving recognition for the third occasion by the ‘Business Today – Top 30’ (2017/18) annual listings. PLC secured the 13th place in the listings this time around.

The announcement of listings of companies by the ‘Business Today – Top 30’ (2017/18) took place at the Shangri-La, Colombo with the participation of President Maithripala Sirisena.

‘Business Today – Top 30’ is strictly based on published information of companies listed in the Colombo stock exchange. ‘Business Today – Top 30’ acknowledges the business entities that have stood firm and performed with changing tides in a particular year.

People’s Leasing CEO/GM Sabry Ibrahim received the award on behalf of the PLC management and the corporate management were also present at the event. The ascending trend by PLC in the listings sheds light on the overall growth of the company.

The criterion for the listings of companies are based on stock value, income, profit after tax, earnings per capital, earnings per share, market capitalisation, share price and other value additions.

Speaking on PLC’s achievement at the ‘Business Today – Top 30’ (2017/18), Ibrahim said it was an honour for the company to have secured the 13th place.

“PLC has shown its overall growth by advancing from the previous year’s position it secured at the ‘Business Today – Top 30’. This is a positive financial indication by PLC. Hence our 2,500 strong work-force and our customers can be rest assured of PLC’s stability to fulfil their financial needs,” he said.

People’s Leasing was commissioned in 1995 as a wholly-owned subsidiary of the second largest State bank in Sri Lanka, People’s Bank.

Fitch Rating Lanka has assigned PLC a credit rating of AA- (lka) which makes PLC the highest rated finance company in the country. PLC is the only Sri Lankan finance company to have two international ratings of which one is equal to the Sovereign from Standard & Poor’s (‘B+/B’) and the other is one notch below the Sovereign from Fitch Rating International (‘B’). PLC’s financial service product portfolio includes; leasing, fixed deposits, saving accounts, personal and business loans, margin trading, factoring and Islamic financial services.

People’s Leasing conglomerate consists of six subsidiaries namely, People’s Insurance PLC, People’s Microfinance Ltd., People’s Leasing Property Development Ltd., People’s Leasing Fleet Management Ltd., People’s Leasing Havelock Properties Ltd. and its latest foreign venture Lankan Alliance Finance Ltd. The uniqueness of People’s Leasing is its strength and the stability to provide diverse financial solutions under one roof to its customers, thus enabling the customers to obtain convenient and customer friendly services.