Fitch affirms People’s Leasing and Finance at A+ (lka), Outlook Stable

Sri Lanka’s leader in Non-Bank Finance and subsidiary of state sector banking giant People’s Bank, People’s Leasing and Finance PLC (PLC), was recently affirmed A+ (lka) with a ‘Stable Outlook’ by Fitch Ratings.

PLC’s National Long-Term Rating is driven by its standalone profile. The company reflects its established franchise as one of Sri Lanka’s largest finance and leasing companies (FLC), with a market share of 12% of total FLC-sector assets at end March 2021.

The impressive rating can be attributed to PLC’s performance in the past financial year notwithstanding the global pandemic. The organisation’s recovery and credit processes were aligned during this period to support growth within risk parameters.

Commenting about the latest rating, PLC Chief Executive Officer/GM Shamindra Marcelline noted: “We are humbled by the progress achieved during the past financial year. Our funding & liquidity profile benefited from People’s Bank’s linkages ensuring stability of our deposit base. PLC complied with all regulatory moratoria imposed by the State and in addition granted rescheduling facilities going above and beyond to ensure customer welfare under unfavourable circumstances. What makes PLC further unique is that it granted moratoria at its own cost.”

He went on to add that PLC intends to collaborate with industry peers and the regulator to promote purposeful lending among NBFIs in view of supporting sustainable economic recovery post-pandemic: “The future of PLC will be driven by looking at things differently, leveraging on our digital capacity, venturing into growth areas, diversification and transforming our culture in driving stakeholder value.”

This rating also serves to outline the strength of PLC’s financial fundamentals as well as the effectiveness of strategies implemented and, ultimately, the vision of the organisation’s leadership team coupled with continued trust placed on PLC by its loyal clientele.

Founded in 1995, People’s Leasing & Finance PLC is a subsidiary of People’s Bank and is a limited liability company listed on the Main Board of the Colombo Stock Exchange (CSE).