Thursday Jun 04, 2026
Thursday Jun 04, 2026
Tuesday, 2 June 2026 00:01 - - {{hitsCtrl.values.hits}}
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| Chairman Mohamed Malik Rizvi Abdul Cader |
Executive Director/CEO Prof. (Dr.) Dewasiri N. Jayantha |
In the world of financial services, longevity alone is not a measure of success. The institutions that endure are those that can adapt, transform, and reinvent themselves while remaining true to the values that define them.
From State-sector heritage to market-led growth
PMF Finance’s evolution mirrors the broader transformation of Sri Lanka’s financial sector over the past four decades. Established in 1983 as the People’s Merchant Bank, the institution built its early foundations as an associate of People’s Bank, benefiting from the trust, credibility, and stability associated with one of the country’s leading state-owned banking institutions. Over time, the Company developed its own identity within the financial services industry, expanding its operations while adapting to changing market conditions.
The next major chapter of its journey was characterised by a gradual transition from state-sector affiliation to a more diversified ownership structure, ultimately emerging as a publicly listed financial institution operating within an increasingly competitive and market-driven environment. This transition required not only changes in ownership and governance, but also a transformation in culture, strategy, and operational execution.
The entry of Sterling Capital Investments in 2019 marked a defining moment in this evolution. Supported by fresh capital, strategic leadership, and a renewed vision, PMF Finance embarked on a comprehensive transformation programme designed to reposition the institution for long-term growth. What followed was a disciplined journey to strengthen governance, improve operational efficiency, enhance risk management, and rebuild stakeholder confidence.
Today, PMF Finance stands as a compelling example of how a legacy institution can successfully reinvent itself while preserving the trust and values that shaped its origins. The Company’s record financial performance in 2025/26 reflects not only business growth but also the successful completion of a transformation that has seen it evolve from a state-sector-affiliated institution into a modern, publicly listed financial services company prepared for future opportunities.
A new era of leadership and growth
Recognising the untapped potential within the institution, Sterling Capital Investments (Pvt) Ltd. emerged as the strategic investor and principal shareholder, introducing fresh capital, new leadership, enhanced governance structures, and a long-term vision for renewal. The Company’s 2020/21 Annual Report aptly described this moment as a “Catalyst”, noting that the arrival of the new strategic investor sparked an unprecedented transformation to renew, revitalise, and reposition the institution for future success. The following year, the Company described the resulting momentum as a “Reaction,” highlighting that the strategic intervention had successfully ended an eight-year loss-making streak and firmly placed the institution on the path to recovery.
What followed was a disciplined and carefully executed transformation program. A comprehensive five-year strategic plan was introduced. Governance structures were strengthened. Capital was infused. Operational processes were redesigned. Risk management frameworks were enhanced. New leadership was brought in across the organisation. Most importantly, a culture of accountability, performance, and long-term value creation began to take root.
The results were not immediate, but they were decisive. Year after year, the Company steadily rebuilt its foundations. The focus moved from stabilisation to optimisation, and from optimisation to growth. By 2024/25, PMF Finance declared it had completed a remarkable seven-year transformation and entered what it described as “A New Chapter of Growth.”
For PMF Finance PLC, the year ended 31 March 2026 represents far more than another financial reporting period. It marks the culmination of a transformation journey that has reshaped the institution and positioned it for a new era of sustainable growth. Accordingly, PMF Finance recorded the strongest financial performance in its 43-year history. Profit Before Tax reached Rs. 626 million, more than doubling the previous year’s performance. Profit After Tax increased to Rs. 353 million. Total income exceeded Rs. 5.1 billion for the first time, while total assets expanded to Rs. 23.4 billion and the lending portfolio approached Rs. 20 billion. Shareholders also benefited from a significant increase in Net Asset Value per share, reflecting the institution’s strengthening financial position.
The magnitude of the transformation becomes even more evident when viewed over a longer horizon, from a total asset base of approximately Rs. From 3.8 billion in 2019/20, PMF Finance has grown into a Rs. 23 billion institution within just six years. This growth reflects not only effective execution but also the confidence that customers, investors, regulators, and other stakeholders continue to place in the organisation.
Commenting on the Company’s journey, Chairman Mohamed Malik Rizvi Abdul Cader said:
“The story of PMF Finance is fundamentally a story of transformation. While our financial achievements are significant, what is more important is the strength of the institution we have built. Over the years, we have focused on strengthening governance, enhancing operational resilience, improving risk management, and creating a culture capable of delivering sustainable value. These foundations have enabled us to move confidently into a new phase of growth.”
The year also marked an important milestone in the Company’s leadership journey with the appointment of Prof. (Dr.) Dewasiri N. Jayantha as Executive Director and Chief Executive Officer.
Having previously served the institution in a governance capacity, Prof. Dewasiri assumed executive leadership at a time when the Company was transitioning from transformation to expansion. Reflecting on PMF’s evolution, he noted:
“The PMF Finance of today is fundamentally different from the institution that existed several years ago. We have emerged stronger, more resilient, and better positioned for the future. The transformation journey has demonstrated what can be achieved through disciplined execution, sound governance, strategic clarity, and the unwavering commitment of our people.”
According to the CEO Prof. Dewasiri, the Company’s future ambitions extend well beyond balance sheet growth.
“Our ambition is not simply to become a larger financial institution. We aspire to become a stronger, smarter, and more trusted institution. The future of financial services will be shaped by innovation, digitalisation, data-driven decision-making, and customer-centricity. At PMF Finance, we are committed to embracing these opportunities while remaining firmly grounded in the values that have guided our journey.”
Those values are reflected in the theme of the Company’s 2025/26 Annual Report: “Values that Guide, Trust that Endures.”
The theme is particularly fitting for an institution whose recent success has been built upon rebuilding confidence and strengthening stakeholder relationships. In financial services, trust remains the most valuable asset any institution can possess. It is earned through consistent performance, responsible governance, ethical conduct, and a commitment to delivering on promises. For PMF Finance, today’s strong financial results are ultimately a reflection of the trust earned over many years.
Looking ahead, the Company is preparing for its next phase of expansion through investments in technology, digital capabilities, operational excellence, customer experience, and human capital development. Plans to strengthen regulatory capital through new capital market initiatives further demonstrate management’s confidence in the business’s future trajectory.
As PMF Finance celebrates 43 years of service, its journey offers a compelling example of how resilience, strategic vision, and disciplined leadership can transform an organisation. From its roots as a long-established financial institution, through a period of significant challenge, to an era of renewal and growth, the Company has demonstrated the ability to evolve while remaining true to its purpose.
The transformation story of PMF Finance is far from complete. In many respects, it is only just beginning.
Guided by values and strengthened by trust, PMF Finance now stands ready to write the next chapter in its history—one defined not merely by growth, but by sustainable value creation, innovation, and enduring stakeholder confidence.
