30 November 2021 12:49 am Views - 260
Further consolidating its achievements from the previous year of navigating the pandemic prudently while delivering a stellar year-end performance, Commercial Leasing & Finance PLC (CLC) posted strong results for 1H 2021/22.
This resounding performance can be attributed to exceptional portfolio management, with Non-Performing Loans (NPLs) maintained at 5.7 percent in contrast with an industry average of 12.99 percent.
The company also sustained its rapid growth momentum during the 6 months under review, evidenced by a growth in the gross portfolio by 12 percent for 6 months and 24 percent for the last 12 months. Interest Income also rose by 12 percent over the corresponding period in the previous year.
The company’s Tier 1 Capital reached 20.22 percent and Tier 2 achieved 20.61 percent, well above regulatory requirements of 7 percent and 11 percent respectively. CLC’s overall equity rose to Rs. 23 billion during the period. The Company possesses a diversified funding base consisting of deposits, capital marketproducts, foreign funding lines, bank credit lines and a substantial level of equity.
Reaffirming the strength and stability of CLC, ICRA Lanka Limited once again rated the company as SL (A), with a stable outlook in 2021.
CLC continued to expand its geographic footprint during the year, opening 3 new branches in 1H 2021/22, bringing the total branch network to 70. Another 7 are scheduled to be opened by the financial year-end. As one of Sri Lanka’s leading non-banking financial service providers, CLC offers many financial services ranging from leasing, loans, factoring, flexi cash, personal loans, Islamic finance, gold loans, credit cards, fixed deposits, savings and more – demonstrating market leadership across most of these product segments.
Commenting on the impressive 1H 2021/22 results, Krishan Thilakaratne, Executive Director/CEO of CLC said, “The true mettle of an organization can be seen in tough times and CLC has proved itself yet again by delivering a forceful financial performance in the first half of the 2021/22 financial year against a backdrop of many challenges in the market.
CLC adopted a strategy of careful management of the credit portfolio while ensuring close monitoring of overheadsand NPLs, making CLC one of the strongest financial institutions in the country.”