Commercial Credit posts Rs. 1.2 b pre-tax profit in FY 12

With remarkable growth levels in its Asset Base, Deposit Base and Profit after Tax, Commercial Credit Plc has declared its provisional financial statements for the recently concluded financial year 2011/2012.

The Net Interest Income claimed a growth of 153% in the financial year under consideration from Rs. 0.7 billion in the financial year 2010/2011 to Rs. 1.8 billion. Profit-before-Tax recorded an exceptional growth of 320% from Rs. 0.3 billion in the financial year 2010/2011 to stand at Rs. 1.2 billion.

The tremendous growth in Profit-after-Tax stands at 1,259% from Rs. 60 million in the preceding financial year to Rs. 816.5 million. This underscores Commercial Credit PLC’s success in realising the hidden potential of Sri Lanka’s finance industry.

Commercial Credit PLC’s Asset Base increased by 97%. It also enjoyed a growth in the Fixed Deposit Base amounting to 76% taking the figure to Rs. 6.8 billion from 3.8 billion in the financial year of 2010/2011. Equity investors of Commercial Credit PLC enjoyed an impressive figure of Earnings per Share amounting to Rs.  3.74 compared to the same of Rs. 0.28 in the preceding financial year.

Cementing its reputation as a premier financial institution benchmarking the highest international standards of service and operation, Commercial Credit was adjudged the ‘Best Finance Company in Asia’ at the international UDC Business Awards in Malaysia.

Commercial Credit enjoys the increasing trust of the public of Sri Lanka and this is demonstrated by the remarkable growth in the Fixed Deposit Base amounting to 76% that stands at Rs. 6.8 billion at the end March 2012.

Commercial Credit continues its record breaking success story as it spreads its reach across Sri Lanka, stamping its unique brand of service and corporate leadership in cities across the country. The company’s rapid turnaround to become one of the most talked about success stories in recent times has attracted the trust, recognition and respect of the finance industry.

Commercial Credit continues to extend its strategic vision across the more crucial years to come in the finance industry despite exceptional short term accomplishments.

Commercial Credit CEO Roshan Egodage said, “Undertaking broad strategic investments in IT infrastructure and enriching our culture through means such as Value Day and Family Days, we justify our vision of being a company admired for its people, partnership and performance. The timely execution of the three year corporate plan branded as the ‘Winning Strategies – A new Era of Excellence and Team Work’ under the guidance of international strategic consultants, MTI Consultants coupled with the increased focus on customer development will further strengthen the competitive strategic position of Commercial Credit in local finance industry.”

With its proven track record of unequalled successes and a strong plan for the future, the company’s leadership is confident of achieving the ambitious goals it has set itself for the future. While the numbers may seem ambitious, Egodage is confident that they can be achieved.

“We have attained unparalleled success since embarking on a new chapter of growth in 2009. The success we plan to achieve in the next three years is an extension of this achievement and the fulfilment of the trust in our capabilities placed in us by our valued shareholders and customers,” he added.