People’s Leasing & Finance Delivers Exceptional 42.4% Profit Growth for 1H FY 2024/25
People’s Leasing & Finance PLC has once again strengthened its reputation as one of Sri Lanka’s
leading Non-Banking Financial services providers, delivering an impressive financial performance for
the 1 st six months of FY 2024/25 ending 30 th September 2024. Accordingly, the company reported a
topline income of LKR 12,676 million, resulting in a healthy profit of LKR 1,566 million – an
exceptional 42.4% increase in profitability compared to the same period in the year prior. This
achievement was fuelled by a robust second quarter, during which net interest income rose by
19.5%.
The company’s cost-to-income ratio reflects operational efficiency, with operating income growing
by 21.5% with significant contributions from other income, while operating expenses rose by a
contained 15.7% for the period ended 30 September 2024 due to disciplined cost management. It
also further demonstrates that prudence and strategic oversight remain at the core of People’s
Leasing & Finance’s operations.
A standout aspect of the company’s performance was the reversal of impairment charges by 63.6%
during the period ended 30 th September 2024. This achievement reflects an effective recalibration of
credit provisioning, driven by stronger collections and improved credit quality. This was driven by
the company’s utilisation of provisioning for credit losses as a KPI to control impairment risks,
demonstrating People’s Leasing & Finance’s agile and strategic approach to risk management.
During the period under review, the company’s loans and receivables portfolio also grew by 9.9%,
further strengthening the balance sheet, resulting in total assets rising to LKR 147,559 million, which
is a significant increase from the figure reported as at 31 st March 2024.
Discussing the exceptional performance delivered during the period under review, Sanjeewa
Bandaranayake – Chief Executive Officer said, “As one of Sri Lanka’s leading Non-Banking Financial
services providers, we have continued to prioritise resilience and innovation. Our ability to enhance
profitability, strengthen our balance sheet, and adapt to changing economic conditions reflects our
unwavering commitment to delivering value to our customers and stakeholders. These results also
underscore the dedication of our team and the trust placed in us by our stakeholders, as we focus on
sustainable growth and long-term success. We remain steadfast in supporting the economic
aspirations of all Sri Lankans, alongside broader national economic growth.”
As People’s Leasing & Finance PLC continues to demonstrate a consistently robust financial position
and align its operations with industry best practices, the company has reinforced its position as a
leader in Non-Banking Financial services. With Sri Lanka moving towards greater political stability
and economic recovery, People’s Leasing & Finance PLC is ready to seize emerging opportunities,
ensuring sustainable growth and resilience in the years ahead.