People's Leasing & Finance

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.

People's Leasing & Finance PLC
TypePublic
CSE: PLC.N0000
ISINLK0399N00002
IndustryFinancial services
FoundedAugust 22, 1995 (1995-08-22)
Headquarters
Colombo
,
Sri Lanka
Number of locations
111 (2023)
Key people
  • Sujeewa Rajapakse (Chairman)
  • Shamindra Marcelline (Chief Executive Officer/General Manager)
RevenueIncrease LKR39.163 billion (2023)
Decrease LKR19.892 billion (2023)
Decrease LKR3.442 million (2023)
Total assetsDecrease LKR194.377 billion (2023)
Total equityIncrease LKR47.004 billion (2023)
Owners
Number of employees
Decrease 2,114 (2023)
ParentPeoples' Bank
Subsidiaries
  • People's Insurance PLC
  • People's Micro-Commerce Ltd
  • People's Leasing Fleet Management Ltd
  • People's Leasing Property Development Ltd
  • People's Leasing Havelock Properties Ltd
  • Lankan Alliance Finance Ltd
Websitewww.plc.lk
Footnotes / references
[1]

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. "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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