Reply To:
Name - Reply Comment
Last Updated : 2024-04-19 11:48:00
People’s Leasing & Finance PLC reported a 25 percent increase in profits during the three months ended on June 30, 2018, as the country’s second biggest non-bank lender improved its loan margins amid the modest growth in new facilities.
The company reported earnings of 63 cents a share or Rs.997 million for the April-June period (1Q19), compared to 54 cents a share or Rs.796 million in total earnings reported for the corresponding period, last year.
People’s Bank’s non-bank subsidiary loaned Rs.3.2 billion in new loans during the three months under review.
The company on a standalone basis had a total loans and receivables book of Rs.144.1 billion.
People’s Leasing & Finance PLC was the largest non-bank lender with over Rs.162.9 billion in assets until the Lanka Orix Leasing group subsidiaries merged to form the largest non-bank lender in the country this April, with an asset base of Rs.212 billion.
Despite the modest growth in new loans and leases during the three months, the deposit performance of the company has remained weak as the company has managed to increase its deposit by only Rs.300 million.
The total deposit base of the company as of June 30, 2018 was Rs.70.1 billion.
The company in April raised Rs.6.0 billion through senior debentures at between 12.4 percent and 12.80 percent.
The company also receives a premium income from its 75 percent-owned insurance company – People’s Insurance PLC – and such incomes during the period rose by 16.1 percent year-on-year (YoY) to Rs.1.1 billion.
People’s Insurance paid Rs.821 million in benefits, claims and underwriting expenditure during the period, up from Rs.682 million during the same period, last year.
The performance also includes Alliance Leasing & Finance Company Limited based in Bangladesh, of which the company completed the 51 percent acquisition in early December 2017.
People’s Leasing & Finance is currently in the process of merging with its 37.06 percent-owned associate finance company, People’s Merchant Finance PLC and earlier this year, the Monetary Board gave time till September 30, 2018 to complete the merger.
Meanwhile, the company provided Rs.859 million for possible bad loans, up from Rs.549 million YoY.
By June 30, 2018, People’s Bank held a 75 percent stake in People’s Leasing & Finance PLC, while the Employees’ Provident Fund held a 5.43 percent stake being the second largest shareholder.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
A recent post on social media revealed that three purple-faced langurs near t
21 minute ago
16 Apr 2024
10 Apr 2024