LankaClear’s post tax profit grows 50%

Thursday, 5 September 2013 00:50 - - {{hitsCtrl.values.hits}}

The 11th Annual General Meeting of LankaClear Ltd. was held on 30 August 2013 at the Galadari Hotel. Releasing its Annual Report for the financial year ended 31 March 2013, LankaClear stated that the company’s net revenue grew by 10% whilst its Profit After Tax (PAT) grew by 50% compared to the previous financial year. The company recorded net revenue of Rs. 428 million and a PAT of Rs. 189 million.

The company was able to maintain an impressive net profit margin of 44%, which was an improvement from the previous year’s 32%. Earnings per share increased from Rs. 8.35 to Rs. 12.47 and net assets per share increased from Rs. 50.44 to Rs. 61.41. The company reported that the volume of cheques cleared through Cheque Imaging and Truncation System (CITS) remained the same compared to the previous financial year, whilst the total value of cheques cleared increased by 4% where the total value of cheques cleared in 2012/13 was Rs. 6,603 billion. Items cleared through the Sri Lanka Interbank Payment System (SLIPS) increased by a significant 15.4% compared to the previous year whilst the value of SLIPS items cleared grew by 29% compared to the previous year. The total value of items cleared through SLIPS during the financial year 2012/13 stood at Rs. 585 billion. Elaborating on the theme “Connected” chosen for the Annual Report it stated that: “In a modern and progressive world where connectivity in every aspect plays a key role, LankaClear today takes much pride in saying that it has been successfully playing the role of implementing payment infrastructure solutions using technology, on par with international standards, thereby facilitating the world of electronic payments to be at the fingertips of citizens of the country. Connectivity and interoperability brings the fine combination of convenience and cost effectiveness in payment transactions, along with ease of access and ready availability of same to users. We remain the backbone of Sri Lanka’s payments infrastructure while continuously striving to be the frontrunner as well as forerunner in the payments industry. Bringing to Sri Lanka the future of electronic payments, today.” Addressing the shareholders at the AGM, LankaClear Chairperson Priyantha Liyanage stated that one of the accomplishments during the financial year 2012/13 was the maintenance of the existing national clearing and payment systems minus interruptions, deficiencies or shortcomings whatsoever. She revealed that the annual average system availability of the Cheque Imaging and Truncations System (CITS) was 99.87%, with the same for the Sri Lanka Interbank Payments System (SLIPS) which was 100%. She further stated that improvements were also made to SLIPS and CITS in order to enhance the efficiency and security of the systems and that bank customers have been able to enjoy the benefits of these improvements. Liyanage added that the launch of the LankaPay Common ATM Switch (CAS), which was the first phase of the Common Card And Payment Switch (CCAPS) approved by the Monetary Board of the Central Bank of Sri Lanka as the national payment switch, was a significant milestone in the payment industry of Sri Lanka and LankaClear has now started the implementation of the 2nd Phase of the CCAPS project which is the Real Time Electronic Fund Transfer (EFT) Switch and the Mobile Payment Switch. This switch will bring immense benefits to bank customers in Sri Lanka by way of increased efficiency, availability, security and cost effectiveness. LankaClear is a company jointly owned by the Central Bank of Sri Lanka and all Licensed Commercial Banks.