31 May 2024 12:00 am Views - 98
The company reported a robust profit after tax (PAT) of Rs.3,541 million, marking a significant 17.3 percent increase from the Rs.3,018 million recorded the previous year.
People’s Leasing & Finance experienced a strong second half of the year, with the third and fourth quarters proving particularly favourable. Profitability improved notably during this period, with the company recording a PAT of Rs.2,438 million during this period.
Amidst a challenging business environment marked by reduced interest rates, People’s Leasing & Finance managed to limit the decline in interest income to just 4.5 percent. The impairment reversal for FY 2023/24 amounted to Rs. 1,156 million, contributing to a healthy average collection ratio.
Meanwhile, the total loans and receivables portfolio showed improvement relative to the end of Q3, amounting to Rs.103,650 million as of March 31,2024. The asset base also showed a marginal growth compared with 3Q. Accordingly, total assets as at March 31, 2024 stood at Rs.159,850 million.
Throughout the year, the company strategically opted against aggressive canvassing of deposits, capitalizing on surplus funds generated from diligent collection efforts and maximising investment returns. The company’s liquidity position and capital adequacy ratios remained robust, comfortably exceeding all regulatory requirements, which reflects its financial stability.
People’s Leasing & Finance Acting Chief Executive Officer Udesh Gunawardena stated, “Despite facing significant economic headwinds in the first half of the fiscal year, our strategic initiatives and unwavering commitment to operational excellence have enabled us to deliver robust financial results. We have focused on improving our collection strategies, optimising asset quality and strategically managing our balance sheet.”