Commercial Leasing and Finance PLC records solid performance in 2019/20
View(s):Commercial Leasing and Finance PLC (CLC) has concluded FY2019/20 on an impressive note, consistently performing well year on year despite the extremely challenging events that marked the financial year, the company announced in a media release.
Chairman of Commercial Leasing and Finance PLC Priyantha Fernando and Executive Director/CEO Krishan Thilakaratne
CLC recorded a Profit After Tax of Rs. 1,547 million, an increase of 29 per cent from Rs. 1198 million in the previous year. Cost of funds reduced by 8 per cent and overheads by 12 per cent. Non-Performing Loans (NPLs) for the year stood at 7.05 per cent, whereas industry NPLs exceeded 11 per cent.
“One of the key reasons for the faster recovery of CLC after the Easter Sunday attacks in April 2019 was its portfolio, which consists of over 95 per cent asset-backed products that served to absorb any possible shocks,” it said.
Krishan Thilakaratne, Executive Director/CEO of CLC said, “Despite the tough operating conditions in the industry, CLC succeeded in sustaining its financial performance on par with the previous year whilst enhancing Profit after Tax figures. Despite the volatility in the sector during 2018 and 2019, CLC has remained steadfastly loyal to its customer base, ensuring our financial services remained accessible at all times. Our strategy of prudent management of the credit portfolio while keeping overheads within reasonable limits helped the company to post impressive financial results.”