People’s Leasing & Finance PLC (PLC) reported strong financial performance for the second quarter of the financial year 2023/24, demonstrating a commitment to excellence, achieving year-on-year increases in Profit After Tax (PAT) for the company and the Group.
For the first six months of FY 2023/24, PLC recorded a robust Profit After Tax (PAT) of Rs. 1,100 million, marking an impressive 62.0% increase compared to the corresponding period in the previous financial year.
The second quarter was particularly outstanding, with a 54.6% increase in PAT, reaching Rs. 767 million, contributing significantly to profitability for the period ending 30th September 2023.
The PLC Group also achieved a Profit After Tax of Rs. 1,678 million during the first six months of FY 2023/24, reflecting a substantial year-on-year increase of 35.8%. Net Interest Income for the Group for the period ending September 30, 2023 reached Rs. 6,495 million.
Interest Income for the half-year ending September 30, 2023, witnessed a year-on-year increase of 3.7%, reaching Rs. 14,714 million. This increase can be attributed to a substantial rise in investments, driven by escalated interest rates in the country. The Company achieved significant year-on-year profit growth through improved collections and intensified credit quality which led to 91.3% reduction in impairment charges and other losses on loans and receivables, recorded at just Rs. 162 million, as at September 30, 2023.
PLC’s Total Asset Base as at 30th September 2023 was Rs. 153,817 million, while Total Loans and Receivables amounted to Rs. 100,833 million, consolidating its position as one of the largest loans and receivables portfolios in the industry..
CEO/General Manager at PLC, Shamindra Marcelline said, “Our exceptional Q2 performance underscores our ability to navigate a complex, dynamic, and challenging business landscape. It also demonstrates our unwavering commitment to our valued customers and the strength of our operational fundamentals.”
“These remarkable financial results highlight PLC’s unwavering commitment to delivering financial solutions, fostering growth, and contributing to the economic prosperity of all Sri Lankans.
The company’s resilience, strategic adaptability, and dedication to excellence continue to be the driving forces behind its success.”
