People’s Leasing Group ups 2Q net profit by 39% to Rs. 1.1 b

Friday, 7 November 2014 00:10 -     - {{hitsCtrl.values.hits}}

People’s Leasing Group has increased its net profit in the second quarter by an impressive 39% to Es. 1.1 billion. With this achievement the Group successfully posted Rs. 1.9 billion profit for the first half of the financial year, translating to a YoY growth of 28%. Effective interest rate management allowed the Group to witness a 21% YoY increase in its top line net interest income. This financial performance portrays a healthy escalation in the Group across the spears of financial services, general insurance, fleet management and property development during the first half of the financial year 2014/15. Furthermore, People’s Leasing &Finance PLC (PLC) alone posted a YoY profit growth of over 24% amounting to Rs. 1.7 billion whilst five established subsidiaries including People’s Insurance Ltd. positively contributed to the success of the Group. Commenting on the Group’s achievement, Chief Executive Officer of the company D.P. Kumarage said: “It is commendable to see the PLC Group performing well under challenging environment and we expect this momentum to continue during the rest of the year as well.” PLC is the highest rated finance company in Sri Lanka with AA- rating from Fitch Ratings Lanka and two international ratings; B+/B from Standard & Poor’s and B+ from Fitch Ratings International while retaining market leadership in the leasing sector for 12 consecutive years. PLC currently owns a wide branch network of 89 and 109 service centres across the country through which the company reaps around 20% increase in business volumes compared to the corresponding period of 2013/14. The management’s commitment to maintain a quality lending portfolio and the highly motivated marketing staff of the company has collaboratively contributed against odds to record strong results. Further, to extend the Group’s accolades and kudos, PLC was awarded the ‘SLIM Nielsen People’s Award’ for ‘Financial Service Provider of the Year’ for the second consecutive year by the Sri Lanka Institute of Marketing in association with the Neilsen Company at the beginning of the financial year and bagged the Gold award in the National level Large & Extra Large Service Category along with recognition as one of the Top 10 Companies in Sri Lanka at the Achievers’ Awards 2014 for Industrial & Service Excellence organised by the Ceylon National Chamber of Industries. The Annual Report 2013/14 of the Company recently secured a Gold award in the Competition Class of Print Annual Reports – Asia Pacific and the Silver award for the Most Creative Communication material at the 2014 Spotlight Awards organised by the League of American Communications Professionals (LACP). The Report was also ranked among the Top 100 Worldwide Top 100 Communication Materials.