PLC posts outstanding Q2 Performance with PAT of Rs. 1,100 Mn
People’s Leasing & Finance PLC (PLC) reported strong financial performance for the second quarter of the financial year 2023/24, achieving significant year-on-year increases in Profit After Tax (PAT) for both the company and the Group.
For the first six months of FY 2023/24, PLC recorded a robust Profit After Tax (PAT) of Rs. 1,100 million, marking an impressive 62.0% increase compared to the corresponding period in the previous financial year.
The second quarter was particularly outstanding, with a 54.6% increase in PAT, reaching Rs. 767 million, contributing significantly to profitability for the period.
Meanwhile, the PLC Group also achieved a Profit After Tax of Rs. 1,678 million during the first six months of FY 2023/24, reflecting a substantial year-on-year increase of 35.8%. Net Interest Income for the Group for the period ending 30th September 2023 reached Rs. 6,495 million.
Interest Income for the half-year, witnessed a year-on-year increase of 3.7%, reaching Rs. 14,714 million.
The Company achieved significant year-on-year profit growth through improved collections and intensified credit quality which led to 91.3% reduction in impairment charges and other losses on loans and receivables, recorded at just Rs. 162 million.
An 8.2% decrease in Interest Expense during the quarter compared to the corresponding quarter of the previous financial year is indicative of PLC’s ability to capitalize on the recent policy rate drop through prudent management of funding lines.
This enabled PLC to record Rs. 2,854 million Net Interest Income during the second quarter up by 8.6% compared to the second quarter of Financial Year 2022/23.
Additionally, operating expenses of the Group experienced a modest increase of 2.4% compared to the same period in the previous financial year. PLC’s Total Asset Base as at September 30, 2023 was Rs. 153,817 million, while Total Loans and Receivables amounted to Rs. 100,833 million, consolidating its position as one of the largest loans and receivables portfolios in the industry.
The Total Asset Base of the Group as at September 30, was Rs. 179,758 million, while the Group’s Total Loans and Receivables portfolio amounted to Rs. 113,512 million. PLC’s deposit base remained robust at Rs. 93,197 million as of 30 September 2023.The Group’s Deposit Base also stood at Rs. 101,101 million as of September 30, 2023.
CEO/General Manager at PLC, Shamindra Marcelline said, “Our exceptional Q2 performance underscores our ability to navigate a complex, dynamic, and challenging business landscape. It also demonstrates our unwavering commitment to our valued customers and the strength of our operational fundamentals.”
“These financial results highlight PLC’s unwavering commitment to delivering financial solutions, fostering growth and contributing to the economic prosperity of all Sri Lankans.”
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