Sri Lanka’s People’s Leasing net down 37-pct in March

ECONOMYNEXT – Profits at Sri Lanka’s Peoples’ Leasing and Finance group, the country’s largest non-bank lender which also has an insurance unit fell 32.7 percent to 2.1 billion rupees in the March 2022 quarter, amid higher taxes and Operation expenses, interim accounts show.

The group reported earnings of 1.13 rupees per share for the quarter.

The share traded 20 cents up at 6.80 rupees a share.

At group level interest income grew 4.2 percent to 7.3 billion rupees and interest expenses grew 0.4 percent to 2.9 billion rupees, increasing the net interest income by 6.9 percent to 4.4 billion rupees

Loan losses were down to 869 million rupees from 1.9 billion rupees.

Customer deposits grew 7.4 percent to 111 billion rupees.

Taxes on financial services grew 21 percent to 749 million rupees, leaving after tax profits down 39.7 percent at 1.9 billion rupees. (Colombo/June 01/2019)