People’s Leasing and Finance Head Office.
People’s Leasing & Finance has once again strengthened its reputation as one of Sri Lanka’s leading Non- Banking Financial services providers, delivering an impressive financial performance for the first six months of FY 2024/25, ending September 30, 2024. Accordingly, the company reported a topline income of 12,676 million rupees, resulting in a healthy profit of 1,566 million rupees – an exceptional 42.4 percent increase in profitability compared to the same period in the year prior. This achievement was fuelled by a robust second quarter, during which net interest income rose by 19.5 percent.
The company’s cost-to-income ratio reflects operational efficiency, with operating income growing by 21.5 percent with significant contributions from other income. In comparison, operating expenses rose by 15.7 percent for the period ended September30, 2024 due to disciplined cost management. It also demonstrates that prudence and strategic oversight remain at the core of People’s Leasing & Finance’s operations.
A standout aspect of the company’s performance was the reversal of impairment charges by 63.6 percent during September 30, 2024. This achievement reflects an effective recalibration of credit provisioning, driven by stronger collections and improved credit quality. The company’s use of provisioning for credit losses as a KPI to control impairment risks demonstrated People’s Leasing & Finance’s agile and strategic approach to risk management.
During the period under review, the company’s loans and receivables portfolio also grew by 9.9 percent, further strengthening the balance sheet. Total assets rose to 147,559 million rupees, a significant increase from the figure reported as of March 31, 2024. Discussing the exceptional performance delivered during the period under review, Sanjeewa Bandaranayake, Chief Executive Officer, said, “As one of Sri Lanka’s leading Non- Banking Financial services providers, we have continued to prioritize resilience and innovation. Our ability to enhance profitability, strengthen our balance sheet, and adapt to changing economic conditions reflects our unwavering commitment to delivering value to our customers and stakeholders. These results also underscore the dedication of our team and the trust placed in us by our stakeholders as we focus on sustainable growth and long-term success. We remain steadfast in supporting the economic aspirations of all Sri Lankans, alongside broader national economic growth.”
As People’s Leasing & Finance continues to demonstrate a consistently robust financial position and align its operations with industry best practices, the company has reinforced its position as a leader in Non-Banking Financial Services. With Sri Lanka moving towards more excellent political stability and economic recovery, People’s Leasing & Finance is ready to seize emerging opportunities, ensuring sustainable growth and resilience in the years ahead.
