The LankaPay national payment network operator, LankaClear (Private) Limited, has recorded a 12 percent growth in revenue surpassing the Rs. 500 mn revenue threshold and recording a topline of Rs.518 million in the financial year 2014/2015.

The highest ever revenue figure recorded by the company was mainly driven by growth in electronic transactions across all LankaClear electronic payment products, despite stagnant growth incheque clearing. The Company experienced pressure on the bottom line due to higher operational expenses from the LankaPayproject and the new payment systems not reaching breakeven point.

However, the company recorded a decent PBT of Rs.183 million and a PAT of Rs. 129 million with a Net Profit Ratio of 25 percent. LankaClear closed the year with a strong balance sheet with net assets reaching Rs.1.2 billion, which is a 9.4 percent increase compared to the previous year.

The financial year 2014/15 saw the rate of utilization of electronic payment systems increase much faster than paper based payment instruments. Total volumes of cheques cleared through the CITS decreased by 0.53 percent during the year 2014/2015compared to the previous financial year whilst the number of electronic transactions cleared through the LankaPay SLIPS Electronic Fund Transfer (EFT) network  increased by 16.3 percent reaching 21 million transactions. The total value of transactions cleared through SLIPS also recorded an impressive growth of 28 percent reaching Rs. 952 billion.

During the year 2014/15 five commercial banks joined the LankaPay common ATM network, expanding the number of interconnected ATMs by 1,296. As at end March 2015, a total of 2,558 ATMs of 9 banks accounting for 80 percent of the total ATMs in the country, were linked up. Currently, the LankaPay Common ATM network has grown to over 2,600 ATMs of 11 Banks.

Commenting on the progress Anil Amarasuriya – Chairman LankaClear stated; “In the new financial year, LankaClear will continue to consolidate the country’s common payment system by educating the public and all other key stakeholders regarding LankaPay, thereby assisting the nation to reap the full benefits of the national common payment network. Given LankaClear’s track record to date, I am confident Sri Lanka will see a fully operational comprehensive national electronic payment platform by end 2016.”

LankaClear’s General Manager and Chief Executive Officer, Sunimal Weerasooriya, said; “The significant growth in electronic transactions is a testimony to the increasing awareness and confidence placed on the payment systems we deploy. Our achievements would not have been possible without our team of exceptionally talented and dedicated people.”