Commercial Leasing & Finance PLC(CLC) delivers robust 1H 2021/22 performance

Further consolidating its achievements from the previous year of navigating the pandemic prudently while delivering a stellar year- end performance, Commercial Leasing & Finance PLC ( CLC) posted strong results for 1H 2021/22.

During the period, CLC recorded a Profit Before Tax (PBT) of Rs. 2.4 Bn and a Profit After Tax (PAT) of Rs. 1.8 Bn. This resounding performance can be attributed to exceptional portfolio management, with Non-Performing Loans ( NPLs) maintained at 5.7% in contrast with an industry average of 12.99%.

The Company also sustained its rapid growth momentum during the 6 months under review, evidenced by a growth in the gross portfolio by 12% for 6 months and 24% for the last 12 months. Interest Income also rose by 12% over the corresponding period in the previous year.

The Company’s Tier 1 Capital reached 20.22% and Tier 2 achieved 20.61%, well above regulatory requirements of 7% and 11% respectively. CLC’s overall equity rose to Rs. 23 Bn during the period.

The Company possesses a diversified funding base consisting of deposits, capital market products, foreign funding lines, bank credit lines and a substantial level of equity. Reaffirming the strength and stability of CLC, ICRA Lanka Limited once again rated the company as SL (A), with a stable outlook in 2021.