Saturday, 16 August 2014 00:32
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Commercial Credit and Finance PLC recorded a profit after tax of Rs. 490 million for the quarter ended 30 June, up from Rs. 172 million posted during the same period in 2013, a growth of 184%. Net interest income rose 86% in the quarter from Rs. 886 million in 2013 to Rs. 1,652 million this year.
The significant improvement in the results builds upon the company achieving a record Rs. 1 billion in profits for the first time in its history during the financial year ended 31 March 2014.
“The last financial year was a significant milestone in our calendar and we are building on that momentum this year as well,” Commercial Credit CEO, Roshan Egodage said.
“We also made a conscious effort to focus and build on our core values as reflected in our most recent communication campaigns. Our staff has also made the conscious effort to be more and more customer centric and engage with the local communities to build lasting relationships.”
“We have strived to build positive relationships with the local community around each location we operate in, building a greater level of trust and respect for each other. Our staff has made the extra effort to find solutions that suit the individual needs of our customers, which has lead to the growth in the revenue during the period,” Egodage further said. “We have to build on these relationships further to sustain the momentum through the year and into the next.”
Commercial Credit and Finance PLC results for the quarter also recorded an increase in its total operating income, growing to Rs. 1,760 million from Rs. 974 million. Total assets rose to Rs. 35,866 million compared with Rs. 19,859 million a year earlier.
The company’s net assets per share rose to Rs. 13.26 from Rs. 6.83 as at 30 June 2013. The earnings attributable per share also increased to Rs. 1.72 per share from 73 cents recorded for the same period last year.
