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by | Mar 16, 2018 | Hosta

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People's Leasing & Finance PLC, sometimes called People's Leasing Company or commonly abbreviated PLC, is a licensed non-banking financial company in Sri Lanka.[2] The company is ranked 30th in LMD 100, an annual list of leading listed companies in Sri Lanka.[3] Brand Finance placed the company 21st amongst the 100 most valuable brands in Sri Lanka.[4] The company was incorporated in 1995 and in 2010 listed on the Colombo Stock Exchange. 75% of the shares of the company is held by the People's Bank, one of the two government-held banks of Sri Lanka.

History

The company was incorporated in 1995 as a limited liability company. During 2008/09 the company diversified into new business areas by forming two subsidiaries. People's Insurance Ltd was incorporated as a wholly-owned subsidiary in 2009/10. The company was listed on the Colombo Stock Exchange in 2010. The company merged with its subsidiary People's Finance PLC in 2013/14.[1] The company appointed a new CEO, Shamindra Marcelline in November 2020.[5]

Operations

Fitch Ratings affirmed the A+ credit rating for People's Leasing in September 2021 and the outlook is adjudged as stable in September 2021.[6] With a market share of 12% of the Finance and Leasing Company sector, the company is one of the largest finance and leasing companies in the country.[7] People's Leasing ranked 27th in Business Today's Top 40 for the year 2020/21. The company recorded the highest profit in the history of the company for the year 2020/21.[8] In 2021, the company issued LKR10 billion debentures and received applications for over LKR14 billion by the closure.[9] At the 56th Charted Accountants Awards, organised by the Institute of Chartered Accountants of Sri Lanka, the company received the silver award for the annual report 2020/21 in finance and leasing companies sector.[10] The company relocated its metropolitan branch to Vauxall Street in Slave Island, Colombo after renovation in December 2021. The premises was inaugurated by the company's chairman, Sujeewa Rajapakse.[11]

See also

References

  1. ^ a b "Annual Report 2022/23" (PDF). cse.lk. People's Leasing & Finance PLC. Retrieved 14 June 2023.
  2. ^ "Licensed Finance Companies". cbsl.gov.lk. Central Bank of Sri Lanka. Retrieved 28 December 2021.
  3. ^ "Financial Profile Top 100". LMD 100. Media Services (Pvt) Ltd. 20 March 2021. Retrieved 28 December 2021.
  4. ^ "Sri Lanka 100 2021" (PDF). brandirectory.com. Brand Finance. May 2021. Retrieved 28 December 2021.
  5. ^ "New CEO for People's Leasing & Finance". The Island. Upali Newspapers. 27 December 2020. Retrieved 28 December 2021.
  6. ^ "Fitch Affirms People's Leasing & Finance at 'A+(lka)'; Outlook Stable". fitchratings.com. Fitch Ratings. 1 September 2021. Retrieved 28 December 2021.
  7. ^ "People's Leasing & Finance PLC". fitchratings.com. Fitch Ratings. 13 September 2021. Retrieved 28 December 2021.
  8. ^ "People's Leasing And Finance". businesstoday.lk. Business Today Online. December 2021. Retrieved 28 December 2021.
  9. ^ "People's Leasing & Finance Debenture Issue of Rs. 10 bn- Oversubscribed by 1.5x". dailynews.lk. Associated Newspapers of Ceylon Limited. 2 August 2021. Retrieved 28 December 2021.
  10. ^ "People's Leasing wins another prestigious Award at the 56th CA Sri Lanka Annual Report Awards - 2021". lankabusinessnews.com. Lanka Business News. 20 December 2021. Retrieved 28 December 2021.
  11. ^ "People's Leasing upgrades and relocates its Metropolitan branch". lankabusinessnews.com. Lanka Business News. 4 December 2021. Retrieved 28 December 2021.

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