People's Leasing & Finance PLC, sometimes called People's Leasing Company or commonly abbreviated PLC, is a licensed

non-banking financial company A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that is not legally a bank; it does not have a full banking license or is not supervised by a national or international banking regulator ...

Sri Lanka Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, also known historically as Ceylon, is an island country in South Asia. It lies in the Indian Ocean, southwest of the Bay of Bengal, separated from the Indian subcontinent, ...

. The company is ranked 30th in '' LMD 100'', an annual list of leading listed companies in Sri Lanka. Brand Finance placed the company 21st amongst the 100 most valuable brands in Sri Lanka. The company was incorporated in 1995 and in 2010 listed on the Colombo Stock Exchange. 75% of the shares of the company is held by the People's Bank, one of the two government-held banks of Sri Lanka.

History

The company was incorporated in 1995 as a

limited liability company A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of ...

. During 2008/09 the company diversified into new business areas by forming two subsidiaries. People's Insurance Ltd was incorporated as a wholly-owned subsidiary in 2009/10. The company was listed on the

Colombo Stock Exchange The Colombo Stock Exchange (CSE) (; ) is the main stock exchange in Sri Lanka that utilizes an electronic trading platform. The CSE headquarters have been located at the World Trade Center (Colombo) Towers in Colombo since 1995, and it has regi ...

in 2010. The company merged with its subsidiary People's Finance PLC in 2013/14. The company appointed a new CEO, Shamindra Marcelline in November 2020.

Operations

Fitch Ratings Fitch Ratings Inc. is an American credit rating agency. It is one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S. Securities and Exchange Commission and is considered as being one of the " Bi ...

affirmed the A+ credit rating for People's Leasing in September 2021 and the outlook is adjudged as stable in September 2021. With a

market share Market share is the percentage of the total revenue or sales in a Market (economics), market that a company's business makes up. For example, if there are 50,000 units sold per year in a given industry, a company whose sales were 5,000 of those ...

of 12% of the Finance and Leasing Company sector, the company is one of the largest finance and leasing companies in the country. People's Leasing ranked 27th in ''Business Todays Top 40 for the year 2020/21. The company recorded the highest profit in the history of the company for the year 2020/21. In 2021, the company issued LKR10 billion

debenture In corporate finance, a debenture is a medium- to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term "debenture" originally referred to a document that either creates a debt or acknowle ...

s and received applications for over LKR14 billion by the closure. At the 56th Charted Accountants Awards, organised by the

Institute of Chartered Accountants of Sri Lanka The Institute of Chartered Accountants of Sri Lanka (''CA Sri Lanka'') is a professional accountancy body in Sri Lanka. The Institute was established by Act of Parliament, No. 23 of 1959 as the sole organisation in Sri Lanka with the right to ...

, the company received the silver award for the

annual report An annual report is a comprehensive report on a company's activities throughout the preceding year. Annual reports are intended to give shareholders and other interested people information about the company's activities and financial performance. ...

2020/21 in finance and leasing companies sector. The company relocated its metropolitan branch to Vauxall Street in

Slave Island Slave Island, officially known as Kompagngna Veediya (; ), also known as Kampong Kertel and Kompanna Veediya and formerly known as Javanam Quarters (Javanese Quarter) during Dutch rule, is a suburb in Colombo, Sri Lanka, located directly south of ...

, Colombo after renovation in December 2021. The premises was inaugurated by the company's chairman, Sujeewa Rajapakse.

References

External links

Official website
1995 establishments in Sri Lanka Companies listed on the Colombo Stock Exchange Financial services companies of Sri Lanka Financial services companies established in 1995 {{DEFAULTSORT:People's Leasing and Finance

History

Operations

See also

References

External links