People’s Merchant Finance reports Rs.201mn operating profit

22 July 2022 09:09 am Views - 136

People’s Merchant Finance PLC (PMF) has reported Rs.201 million as operating profit before taxes for the year ended on March 31, 2022, an achievement to be celebrated, in a year Sri Lanka’s economy has hit a crisis mode.

PMF also recorded a phenomenal deposit base growth amid the prevailing crisis, reiterating customer confidence in the PMF brand. The trust and loyalty of customers together with stringent processes also resulted in asset base increases, lending portfolio growth and a lowering NPL ratio. 

The company launched its first non-traditional innovative entrepreneurship loan product for the middle and low-end SME marketplace during the year. It worked towards enhancing customer convenience, resulting in branch refurbishments and relocations with the aim to go where customers are. PMF also firmly followed through on digitalisation activities to be future-ready for a greater online presence while catering to the increasing virtual presence of customers.

The addition of Terence Kumara as Deputy CEO, business restructuring activities, augmentation of risk/governance frameworks and compliance with the Central Bank of Sri Lanka’s directives and regulations further have strengthened the company’s position for future growth.