Commercial Leasing and Finance says maintains ‘impressive growth’
View(s):Commercial Leasing & Finance Ltd (CLC) – part of the LOLC Group – said it posted impressive growth in profits before tax for the year completed, recording Rs. 3.2 billion (pre-tax) and post-tax profit of Rs. 2.9 billion. “The growth in profits was a direct result of the increase in interest income which grew by 51% to reach Rs. 4.4 billion from previous year’s income of Rs. 2.9 billion. The company was able to achieve this level of performance through its strategy of steady portfolio growth backed by effective collections leading to lower non-performing loans ratio,” according to a media statement by the company.
The portfolio recorded steady growth over the year increasing loans from Rs. 15 billion to Rs. 21 billion, up 38%. Post-tax profit was after providing for Rs. 263 million in taxes, of which Rs. 205 million was for income taxes and the balance being deferred taxation.
“These profits were achieved by strategic expansion of its core business of lending and effective management of the borrowing costs and operating expenses,” the statement added. Speaking about the company’s significant financial performance, Krishan Thilakaratne, Director/Chief Executive Officer of Commercial Leasing and Finance Ltd, said, “With the strategic expansion of our branch network island-wide, we are well prepared to continue extending a range of financial solutions to the rural market.”
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