People’s Leasing Group completed one of its most arduous financial years in its history with profit before and after tax of Rs. 5.70 billion and Rs. 3.59 billion, respectively.
“The company on a standalone basis recorded a profit after tax of Rs. 2.94 billion for the financial year 2019/20 in the midst of several uncertainties and challenges posed by the external environment. The top line net interest income grew by 3.18% to Rs. 15.67 billion from the preceding financial year,” the company said in a media release.
The financial year 2019/20 was a difficult one that began with the country’s economy being directly affected by the Easter Sunday attacks. New business opportunities were curtailed, while recovery of facilities became more challenging in the immediate aftermath of attacks due to the overall slowdown in the economy. However, with its strong foundation People’s Leasing was able to withstand these external vulnerabilities and saw its profitability picking up in the middle of the financial year. Collection difficulties surfaced with the emergence of COVID -19 pandemic in mid-March 2020 and restricted the company’s profit to Rs. 2.94 billion compared to Rs. 4.42 billion achieved in the financial year 2018/19 due to a significant increase in impairment charges.
Despite of these challenges, the asset base of People’s Leasing remained strong at Rs. 171.66 billion as at 31st March 2020 including the industry’s largest loans and receivables portfolio of Rs. 147.75 billion.
People’s Leasing today has the largest deposit base in the industry of Rs. 106.70 billion thanks to the trust placed by Sri Lankans towards the company despite the negative sentiment surrounding the finance sector.
Commenting on the performance, People’s Leasing Chairman Sujeewa Rajapakse said, “unprecedented challenges in the year have slowed down our profitability yet through it all, significant growth in our deposit base to have the largest in the industry along with largest loans and receivables portfolio are a reflection of the trust and confidence of our valued customers in our company”.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
All Ceylon Makkal Congress MP Ali Sabri Raheem had been arrested by Kalpitiya police after he surrendered to the police today morning.
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
The 22nd amendment to the constitution dealing with the term of the President has been gazetted by order of President Ranil Wickremesinghe.
Auspicious times widely followed by candidates keeping with traditions will be taken into consideration by the Election Commission in fixing the date and time for the conduct on the Presidential polls.
The Cabinet of Ministers has granted policy approval to change the wording “exceeding six years” in paragraph (b) of Article 83 of the Constitution to “exceeding five years” with reference to the President’s tenure.
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