Commercial Credit and Finance PLC, one of Sri Lanka’s leading finance companies posted an impressive 108.7% growth in net profits for the financial year ended 31 March 2015 to reach Rs.2.1 billion. This set a new milestone for the company, moving up from the Rs.1 billion achieved for the first time in 2013/14.
“The results delivered by Commercial Credit for the financial year 2014/15 are extraordinary and will go down in the annals of the history of our Company as the year during which we first recorded Rs.2.1 billion in profits. This is all the more creditable in view of the various challenges of differing magnitudes that the leasing and finance sectors experienced during this period,” says Commercial Credit’s Chief Operating Officer Rajiv Casie Chitty.
The company’s total Customer Deposits grew by well over 84.6 percent in the 2014/15 financial year, with 93.7 percent of the growth coming from the Fixed Deposits segment. Total assets grew from Rs.31.6 billion as at the beginning of the financial year under review to Rs.57.7 billion by year-end.
The interest income reached Rs.11.1 billion for the year under review, recording an increase of 61.2 percent over the previous financial year.
The total lending portfolio grew by 80%. The main drivers of this growth were Lease and Hire Purchase, and also, Micro Finance Loans which grew by 101.2 and 104.1 percent respectively.