People’s Leasing and Finance (PLC), a fully owned subsidiary of the Peoples’ Bank announced its ambitious plan to foray into Southeast Asian region.
PLC’s Deputy Chairman Pradeep Amirthanayagam announced this plan participating at the bell ringing ceremony to commence trading at the Colombo Stock Exchange (CSE) yesterday.
The market opening ceremony was organized as part of the company’s celebrations to mark two decades in the financial services industry.
“As a leading non-bank financial institution in Sri Lanka with an asset base of over Rs.120 billion and a net profit of Rs.4 billion, we are proud to say that we have created value for both the market and the country and it is with utmost pride that we celebrate 20 years of existence today.
“Our parent company Peoples Bank, the most progressive financial institution in the country has propelled and given us the impetus to grow the way we were able to grow.” Amirthanayagam said.
People’s Leasing and Finance CEO D.P Kumarage the company’s financial performance exceeded expectations and is expecting a credit growth of 10 to 15% in the coming year. The company was able to continue its growth momentum despite continued pressure on interest margins, and other industry related rules and regulations.
“People’s Leasing and Finance is also hoping to go into a merger with People’s Merchant finance PLC, however, no final decision has been taken yet in this regard,” Kumarage added.
The company has the honour of being the highest rated non-bank financial institution in the country with two international ratings.
PLC’s Deputy Chairman Pradeep Amirthanayagam announced this plan participating at the bell ringing ceremony to commence trading at the Colombo Stock Exchange (CSE) yesterday.
The market opening ceremony was organized as part of the company’s celebrations to mark two decades in the financial services industry.
“As a leading non-bank financial institution in Sri Lanka with an asset base of over Rs.120 billion and a net profit of Rs.4 billion, we are proud to say that we have created value for both the market and the country and it is with utmost pride that we celebrate 20 years of existence today.
“Our parent company Peoples Bank, the most progressive financial institution in the country has propelled and given us the impetus to grow the way we were able to grow.” Amirthanayagam said.
People’s Leasing and Finance CEO D.P Kumarage the company’s financial performance exceeded expectations and is expecting a credit growth of 10 to 15% in the coming year. The company was able to continue its growth momentum despite continued pressure on interest margins, and other industry related rules and regulations.
“People’s Leasing and Finance is also hoping to go into a merger with People’s Merchant finance PLC, however, no final decision has been taken yet in this regard,” Kumarage added.
The company has the honour of being the highest rated non-bank financial institution in the country with two international ratings.
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