Financial Times

People's Leasing ranked No. 1

People's Leasing Company was ranked the number one leasing company by the Leasing Association of Sri Lanka.

PLC claimed this position out of a total 50 institutions registered with the Central Bank, out of which 38 institutions are members of the Leasing Association of Sri Lanka as at March 2003. People's Leasing Company is a fully owned subsidiary of the People's Bank and commenced its commercial operations in May 1996.

The company's lease portfolio covers buses and other transport equipment, plant and machinery, office equipment, automation products and agricultural equipment including tractors.

The customer base is more than 12,000. PLC has invested in new business over Rs. 1 billion for each of the previous four financial years.

During the year 2002/03, PLC generated Rs. 4.6 billion (at cost of assets) in new business which is a 163 percent growth over the last year. PLC, which raised funds mainly through securitisation, doubled its net profit to Rs. 154 million in the year under review while gross turnover rose 38 percent to Rs. 2,159 million.