18 People's Leasing & Finance
Board of Directors
1 Dr D J D Jayakody
2 N Vasantha Kumar
3 W S S Bandara
4 P A I S Perera
5 M G Jinadasa
6 Rohan Pathirage
Consisting of six subsidiaries People’s Leasing & Finance takes the 18th position in the Business Today TOP TWENTY FIVE. A focal point during 2012 was the merger between People’s Leasing and People’s Finance, while the group focused on protecting their dominance and retaining their market share in the field of financial services through diversification.
The asset base of the group grew to record 101.14 billion rupees—a 6.29 percent increase compared to the previous year while PAT reached over 3.1 billion rupees, a 7.74 percent increase. The branch network expanded to reach 183 from which 33 were fully fledged branches, 23 were mini branches and 127 were window offices. Another important achievement of the group was the debenture issue, totalling six billion rupees and a strategy adopted to take opportunity of the new tax incentives introduced by the government.
Great emphasis was put in strengthening the subsidiary operations where initiation of more streamlined process and reinforcement of good governance took place. As a result, People’s Finance was able to progress ahead to become a strong finance company contender while People’s Insurance was ranked as number five in the non-life insurance segment. Furthermore, the group synergy was reinforced by bolstering ties with People’s Bank, the parent company to allow a better platform for People’s Leasing to grow.
Under the direction of Gamini Senarath, Chairman and D P Kumarage, CEO/General Manager, People’s Leasing & Finance has become a true contender in the private sector. By offering innovative products and being customer oriented, the group together with its staff has been pivotal in effecting change in the financial services sector.