PLC records 30.8% PAT growth in 3Q/24

People’s Leasing & Finance PLC (PLC), a non-banking financial services provider in Sri Lanka, reported improved financial performance for the third quarter of fiscal year 2023/24, indicating positive growth and stability amidst a competitive marketing environment. 

The profit after tax (PAT) reached Rs.2,141 million for the nine-month period, with 3Q of FY 2023/24 contributing Rs.1,039 million, with a notable increase of 30.8 percent compared to the corresponding period in the previous fiscal year. This growth, attributed to the reversal of impairment charges and other losses, underscores PLC’s commitment to financial excellence and strategic financial management.

With a moderate interest income for the period, PLC recorded a rise of 2.8 percent in net interest income for 3Q of FY 2023/24.

PLC’s focus on enhancing credit quality and promoting collections has yielded positive results, with impairment reversal for the nine months ended on December 31, 2023, amounting to Rs.114 million. Notably, impairment reversal for 3Q 2023/24 surged by 94.4 percent compared to the corresponding period in the previous year.
With a continued focus on right-sizing its balance sheet and loans and receivables portfolio, PLC has demonstrated strength in navigating a positive business environment with changing market dynamics. As of December 31, 2023, the total asset base stood at Rs.156,007 million, while the total loans and receivables portfolio amounted to Rs.102,275 million.

Commenting on the financial performance, PLC CEO Shamindra Marcelline stated, “We have strategically navigated through evolving market conditions to achieve exceptional profitability and profit growth, while fortifying our balance sheet and mitigating impairment risks. With the emerging economic recovery, PLC is positioned to seize opportunities and sustainably deliver value to stakeholders.”

In addition, the PLC group reported a notable increase of 23.2 percent in PAT for the nine months ended on December 31, 2023, reflecting positive growth momentum. The group’s total assets and loans and receivables portfolio remain substantial, further solidifying PLC’s position as a leading player in Sri Lanka’s non-banking financial services sector.

With its robust financial performance and strategic adaptability, PLC remains dedicated to driving substantial contributions to the economic prosperity of Sri Lanka, upholding its esteemed legacy as a dependable financial partner.

PLC, a subsidiary of People’s Bank, operates with a diverse portfolio of five subsidiaries: People’s Leasing Fleet Management Limited, People’s Leasing Property Development Limited, People’s Leasing Havelock Properties Limited, People’s Microfinance Limited and People’s Insurance Limited.