Sri Lanka’s People’s Leasing March net up 90-pct
ECONOMYNEXT – Profits at Sri Lanka’s People’s Leasing Plc, the island’s largest non-bank lender rose 90 percent from a year ago to 2,009 million rupees in the March 2018 quarter, helped by fund based income and lower operating expenses, interim accounts showed.
The firm reported earnings of 1.27 rupees per share for the quarter in interim accounts filed with the Colombo Stock Exchange. For the year to March the group reported earnings of 306 rupees on total profits of 4.8 billion rupees, which were up 13.2 percent.
The stock traded at 15.60 rupees, up 60 cents.
Net interest income rose 21 percent to 3.69 billion rupees with interest income up 16.6 percent to 7.4 billion rupees and interest expense rising at a slower 21 percent to 3.69 billion rupees.
Group loans and receivables grew 5.3percent to 142.7 billion rupees.
Loan loss provisions rose 16.5 percent to 188 million rupees.
People’s Leasing also has an insurance unit. Net premium income had grown 7 percent to 1.056 million rupees, while claims and benefits rose 9.6 percent to 708 million rupees.
The group said operating expenses fell 9.8 percent to 2,073 million rupees.
Gross assets grew 8.6 percent to 170 billion rupees and net assets grew 14.6 percent 30.5 billion rupees. (Colombo/May15/2018)