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PLC posts outstanding Q2 performance, highlighting resilience and potential for growth

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People’s Leasing & Finance PLC (PLC) reported strong financial performance for the second quarter of the financial year 2023/24, recently, demonstrating unwavering resilience and a commitment to excellence, achieving significant year-on-year increases in Profit After Tax (PAT) for both the company and the Group.

For the first six months of FY 2023/24, PLC recorded a robust Profit After Tax (PAT) of Rs. 1,100 million, marking an impressive 62.0% increase compared to the corresponding period in the previous financial year. The second quarter was particularly outstanding, with a 54.6% increase in PAT, reaching Rs. 767 million, contributing significantly to profitability for the period ending 30th September 2023. Meanwhile, the PLC Group also achieved a Profit After Tax of Rs. 1,678 million during the first six months of FY 2023/24, reflecting a substantial year-on-year increase of 35.8%. Net Interest Income for the Group for the period ending 30th September 2023 reached Rs. 6,495 million.

Interest Income for the half-year ending 30th September 2023, witnessed a year-on-year increase of 3.7%, reaching Rs. 14,714 million. This increase can be attributed to a substantial rise in investments, driven by escalated interest rates in the country. The Company achieved significant year-on-year profit growth through improved collections and intensified credit quality which led to 91.3% reduction in impairment charges and other losses on loans and receivables, recorded at just Rs. 162 million, as at 30th September 2023.

An 8.2% decrease in Interest Expense during the quarter compared to the corresponding quarter of the previous financial year is indicative of PLC’s ability to capitalize on the recent policy rate drop through prudent management of funding lines. This enabled PLC to record Rs. 2,854 million Net Interest Income during the second quarter up by 8.6% compared to the second quarter of Financial Year 2022/23.

In spite of the inflationary environment in which it operates, PLC successfully curtailed the growth in operating expenses to 3.8% compared to the same period in FY 2022/23 owing to the improved efforts to increase efficiency through digital initiatives, right-sizing of branches, and improvements in internal processes, . Additionally, operating expenses of the Group experienced a modest increase of 2.4% compared to the same period in the previous financial year.

PLC’s Total Asset Base as at 30th September 2023 was Rs. 153,817 million, while Total Loans and Receivables amounted to Rs. 100,833 million, consolidating its position as one of the largest loans and receivables portfolios in the industry, despite limited business expansion on account of the challenging economic environment. The Total Asset Base of the Group as at 30th September 2023 was Rs. 179,758 million, while the Group’s Total Loans and Receivables portfolio amounted to Rs. 113,512 million.

PLC’s concerted efforts with regard to collections enabled it to manage a majority of funding requirements via collections, and thus remain vigilant in growing the Deposit Base amidst a high interest environment. Nevertheless, deposit base remained robust at Rs. 93,197 million as of 30 September 2023. The Group’s Deposit Base also stood at Rs. 101,101 million as of 30th September 2023. Furthermore, PLC implemented a highly disciplined strategy to liquidity management in the middle of a highly volatile and complex business endeavor and maintained capital adequacy ratios well ahead of the regulatory minimums at the end of Q2 to guarantee financial stability..



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“We Are Building a Stable, Transparent and Resilient Sri Lanka Ready for Sustainable Investment Partnerships” – PM

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Prime Minister Dr. Harini Amarasuriya addressed members of the Chief Executives Organization (CEO) during a session held on Thursday [3 February 2026] at the Shangri-La Hotel, Colombo, as part of CEO’s Pearl of the Indian Ocean: Sri Lanka programme.

The Chief Executives Organization is a global network of business leaders representing diverse industries across more than 60 countries. The visiting delegation comprised leading entrepreneurs and executives exploring Sri Lanka’s economic prospects, investment climate, and development trajectory.

Addressing the gathering, the Prime Minister emphasized that Sri Lanka’s reform agenda is anchored in structural transformation, transparency, and inclusive growth.

“We are committed not only to ensuring equitable access to education, but equitable access to quality education. Our reforms are designed to create flexible pathways for young people beyond general education and to build a skilled and adaptable workforce for the future.”

She highlighted that the Government is undertaking a fundamental pedagogical shift towards a more student-focused, less examination-driven system as part of a broader national transformation.

Reflecting on Sri Lanka’s recent political transition, the Prime Minister stated:

“The people gave us a mandate to restore accountability, strengthen democratic governance, and ensure that opportunity is not determined by patronage or privilege, but by fairness and merit. Sri Lanka is stabilizing. We have recorded positive growth, restored confidence in key sectors, and are committed to sustaining this momentum. But our objective is not short-term recovery it is long-term resilience.”

Addressing governance reforms aimed at improving the investment climate, she said:

“We are aligning our legislative and regulatory frameworks with international standards to provide predictability, investor protection, and institutional transparency. Sustainable investment requires trust, and trust requires reform.”

Turning to the recent impact of Cyclone Ditwa, which affected all 25 districts of the country, the Prime Minister underscored the urgency of climate resilience.

“Climate change is not a distant threat. It is a lived reality for our people. We are rebuilding not simply to recover, but to build resilience, strengthen disaster mitigation systems, and protect vulnerable communities.”

Inviting CEO members to consider Sri Lanka as a strategic partner in the Indo-Pacific region, she highlighted opportunities in value-added mineral exports, logistics and shipping, agro-processing, renewable energy, pharmaceuticals, and innovation-driven sectors.

“We are not looking for speculative gains. We are seeking long-term partners who share our commitment to transparency, sustainability, and inclusive development.”

She further emphasized collaboration in education, research, vocational training, and innovation as essential pillars for sustained economic growth.

Concluding her address, the Prime Minister expressed appreciation to the Chief Executives Organization for selecting Sri Lanka as part of its 2026 programme and reaffirmed the Government’s readiness to engage constructively with responsible global investors.

The event was attended by the Governor of the Western Province,  Hanif Yusoof, and other distinguished guests.

[Prime Minister’s Media Division]

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High Commissioner in Pakistan urges high level business visit to Colombo

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High Commissioner Senevirathne and Dr. Munir at meeting

The High Commissioner of Sri Lanka to Pakistan, Rear Admiral Fred Senevirathne, met Dr. Zeelaf Munir, Chairperson of the Pakistan Business Council (PBC), in Karachi on Feb. 6 and urged a high level visit of Pakistani business people to Sri Lanka, a news release from the High Commission said.

Dr. Munir, who also serves as the Managing Director and Chief Executive Officer of English Biscuit Manufacturers (EBM), leads Pakistan’s premier business policy advocacy body, which plays a key role in promoting a conducive business environment, export growth, and industrial development.

The High Commissioner who was warmly received by Dr. Munir at her office briefed her on the current economic and political landscape in Sri Lanka, highlighting the country’s improving economic outlook, enhanced political stability, and a favourable environment for foreign investment, the release said.

He also outlined the policy priorities of the new Government, with particular emphasis on ongoing economic reforms, investment-friendly initiatives, and opportunities to further strengthen bilateral economic and trade cooperation between Sri Lanka and Pakistan, it said.

He invited Dr. Munir to consider leading a delegation of prominent business leaders and investors to Sri Lanka, with a view to engaging with Sri Lankan counterparts and exploring potential investment opportunities and avenues for collaboration across key sectors.

The meeting was facilitated by. Honorary Consul of Sri Lanka in Hyderabad, Mehmood Mandviwalla, who was also present. Minister and Head of Chancery of the Sri Lanka High Commission in Islamabad, Christy Ruban, and Consul General of Sri Lanka in Karachi, Sanjeewa Pattiwila also participated at the meeting.

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IRONMAN 70.3 Colombo Returns, Kicks Off #ActiveColombo City Transformation

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All partners at the Ironman 70.3 Colombo Launch with Vraîe Cally Balthazaar, Mayor of Colombo at the event held last Wednesaday at Shangri-La.

Officials from the Western Provincial Council, Colombo Municipal Council, and event organisers marked the official launch of IRONMAN 70.3 Colombo – Presented by Port City Colombo today at Shangri-La Colombo, the Host Hotel, signalling the return of Sri Lanka’s premier endurance event and the start of the long-term #ActiveColombo initiative.

Scheduled from 19–22 February 2026, the world-class triathlon will anchor #ActiveColombo Week, combining international competition with a city-wide celebration of sport, health, and urban vitality. Highlights include the KAYA Colombo – Active Lifestyle & International Expo (19–21 Feb), the family-focused IRONKIDS Colombo (21 Feb), and the IRONMAN 70.3 Colombo triathlon (22 Feb), featuring swim, bike, and run events at Port City Colombo, the Official Venue Partner.

The event is set to welcome nearly 1,000 athletes from over 49 countries, many visiting Sri Lanka for the first time, bringing international media attention and significant economic impact across hospitality, aviation, retail, and transport. As part of the globally recognised IRONMAN® circuit, Colombo now joins iconic host cities such as Sydney, Nice, and Muscat, reinforcing its position as South Asia’s emerging endurance sports hub.

“IRONMAN 70.3 Colombo embodies the spirit of resilience and excellence,” said Rajan Thananayagam, Director of Serendib Multisport (Pvt) Ltd. “This event puts Sri Lanka on the world stage and showcases Colombo as a vibrant, welcoming destination for athletes and their families.”

The launch also introduced #ActiveColombo, a long-term initiative aimed at transforming Colombo into South Asia’s leading Active City. The programme focuses on activating everyday urban spaces through parks, waterfronts, beaches, clean streets, shaded corridors, and safe environments that encourage walking, cycling, yoga, and other outdoor activities.

“Through #ActiveColombo, we aim to inspire a more active generation while strengthening Colombo’s appeal as a globally competitive capital,” said Hanif Yusoof, Governor of the Western Province. Mayor Vraîe Cally Balthazaar added that the initiative symbolises inclusive growth, promoting healthier streets, greener corridors, and vibrant public spaces for residents and visitors alike.

With signature policies such as the “Every Active Street is a Shaded Street” Shade the Road initiative, Colombo aims to combine urban health, economic growth, and international sports tourism. Experts say cities that invest in active lifestyles see 10–20% reductions in long-term healthcare costs, safer streets, and higher visitor spending.

By linking IRONMAN 70.3 Colombo with #ActiveColombo, organisers hope to position the city as a healthier home for citizens, a premier destination for high-value tourists, and a credible host for global sporting and lifestyle events, cementing Colombo’s reputation as South Asia’s Active Capital.

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