People’s Leasing & Finance posts Rs 1.64 Bn PAT for period ending Dec. 31, 2022
With a notable quarterly profit of Rs. 959 million for the third quarter of the financial year 2022/23, People’s Leasing & Finance PLC’s (People’s Leasing/PLC) Profit After Tax (PAT) for the period ended December 31, 2022 reached Rs. 1,637 million, demonstrating the company’s sustained ability to manage its core drivers in the midst of turbulent times while prudently managing the Assets & Liabilities.
Despite the unfavourable socio-economic outlook prevailing in the country, strengthening top line interest income by an increase of 28.3%is noteworthy. Meantime, the Company successfully contained operational costs at a single digit level amidst the country’s growing inflationary situation through digitalization drive and a multitude of other cost containment efforts unanimously implemented by the company-wide staff.
The first two quarters had a lower performance owing to the prevailing crisis situation in the country, which had a negative impact on the Company.
Chairman, Pradeep Amirthanayagam made the following observations in response to the third quarter turn-around financial results: “Our satisfactory financial performance during a quite challenging period is a quiet reflection of our deep commitment to review existing policies and procedures, re-alignment of our strategies to effectively respond to ever demanding stakeholder concerns and most importantly, the cooperation of our own employees to effectively steer change towards a more resilient workplace.
Chief Executive Officer Shamindra Marcelline added that a noteworthy PAT is achieved amidst managing the liquidity position of the Company while ensuring the well-being of the entire workforce of over 2,000 and uplifting the lives of local communities where they operate, at this milestone juncture.
Being a State-Owned Enterprise (SOE), the Company has taken a more inclusive approach in terms of responding to the public and stakeholder concerns when compared to other key players in the Non-Bank Financial Institutions (NBFIs) landscape.
People’s Leasing also prudently initiated several strategic Corporate Social Initiatives (CSR) initiatives that benefited many deserving local communities in the areas where it operates. Marcelline stated, “The outlook is extremely challenging. Prevailing inflationary pressure along with increased interest rates are to impact our loan book. In order to offset this impact and to improve our revenues we are proactively exploring different avenues.”
People’s Leasing was yet again proved through several national and international recognitions and accolades bagged during the period ended December 31, 2022.