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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » PLC ups profit to Rs 1b in 1 quarter

PLC ups profit to Rs 1b in 1 quarter

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1PLC ups profit to Rs 1b in 1 quarter Empty PLC ups profit to Rs 1b in 1 quarter Wed Aug 12, 2015 9:06 am

Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
People’s Leasing & Finance PLC (PLC) has reflected its strong position in the non-bank financial institutions sector by achieving an outstanding profit of Rs.1 b during the first quarter of 2015/16.
PLC continued to sustain the growth momentum in the first quarter of the new financial year reflecting a robust Year on Year growth of 50% in comparison to the first quarter of the financial year 2014/15.
The declining interest rate regime prevalent in the country required the company to be extra cautious about the interest expense to retain its interest margin.
However, under such circumstances,PLC’s effective management of borrowing sources enabled PLC to achieve a 9.5% Year on Year growth in the net interest income.PLC also owns the largest asset base in the non-bank financial institution sector with an asset base of Rs.112 bn.
PLC Chairman, Hemasiri Fernando said, “PLC successfully outperformed the challenges to record a Rs. 1 bn profit in the first quarter of the financial year and expects to see this momentum continuing in the rest of the financial year as well”.
“PLC has always been a benchmark in the industry with its exceptional results in every aspect and we are expecting to remain so whilst delivering best results for our stakeholders”, Chief Executive Officer, D.P. Kumarage said.
Whilst reflecting an exceptional improvement in profitability, the company also saw its business volume reaching to Rs. 14.92 billion with a 28% growth compared to the cumulative disbursements during the corresponding period of the previous financial year. 
Courtesy: Daily News 11 August 2015

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