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PLC Group has achieved its highest ever profit of Rs. 4.1 billion for the FY 2014/15, representing a YoY growth of over 18%.Consequent to the increase in profitability, ROE and ROA of the Group for the year improved to 19.61% and 5% respectively.
People’s Leasing and Finance Plc (PLC) being the main contributor to the Group’s success also declared a profit after tax of Rs. 3.75 billion, the highest in its history. PLC’s profit before tax for the year increased to Rs. 5,375.11 million reflecting a 23% growth compared to the previous year.
Out of the subsidiaries, People’s Insurance contributed the largest share to the consolidated income of the Group followed by People’s Leasing Property Development Limited. PLC effectively managed the challenges posed by external vagaries to mark the best year in its history through its expertise in the industry for the past 18 years.
“FY 2014/15 was a year full of triumphs for PLC, achieving the highest-ever profits and business volume along with several accolades for its business excellence is truly remarkable in the midst of complexities within our macro landscape” stated PLC Chairman Hemasiri Fernando.
The low interest rate regime which prevailed in the country throughout the year restricted the interest income of the company to Rs. 19,247.62 million for the year ended 31 March 2015 compared to Rs. 19,533.60 million reported in the previous year.
However, through effective management of borrowing sources, PLC experienced a significant decline in the interest expense, which outpaced the reduction in interest income enabling the company to achieve a 21% growth in net interest income.
Continuing to be the highest asset base in the NBFI sector, PLC’s total assets stood at Rs. 112.32 billion as at 31 March 2015.Accomplishing the target set for the year, total disbursements of the company for the year surpassed the Rs. 60 billion mark, the highest achieved in the company and the industry so far. On account of this achievement, the loans and receivables portfolio of the company reached Rs. 98,411.20 million as at the year-end 31 March 2015, reflecting a 9.08% growth over the previous year. Whilst focusing on improving business volumes and maintaining the quality of its portfolio at the same time, PLC managed to curtail the non-performing ratio to 2.72% as at year end which is well below the industry average of 6.9%.
CEO D.P. Kumarage, commenting on the company’s future aspirations, said: “We remain focused on our business acumen to further reinforce our profitability and financial position to deliver exceptional value for our stakeholders in the upcoming years.”
Courtesy: Daily Financial Times 15 June 2015
