Business
Commercial Leasing & Finance delivers robust 1H 2021/22 performance
PBT of Rs. 2.4 Bn & PAT of Rs. 1.8 Bn
Total Asset Base of Rs. 85 Bn; Loan portfolio amounted to Rs. 73 Bn
NPL at 5.7% against industry average of 12.9%
Further consolidating its achievements from the previous year of navigating the pandemic prudently while delivering a stellar year-end performance, Commercial Leasing & Finance PLC (CLC) posted strong results for 1H 2021/22. During the period, CLC recorded a Profit Before Tax (PBT) of Rs. 2.4 Bn and a Profit After Tax (PAT) of Rs. 1.8 Bn. This resounding performance can be attributed to exceptional portfolio management, with Non-Performing Loans (NPLs) maintained at 5.7% in contrast with an industry average of 12.99%. The Company also sustained its rapid growth momentum during the 6 months under review, evidenced by a growth in the gross portfolio by 12% for 6 months and 24% for the last 12 months. Interest Income also rose by 12% over the corresponding period in the previous year.
The Company’s Tier 1 Capital reached 20.22% and Tier 2 achieved 20.61%, well above regulatory requirements of 7% and 11% respectively. CLC’s overall equity rose to Rs. 23 Bn during the period. The Company possesses a diversified funding base consisting of deposits, capital market products, foreign funding lines, bank credit lines and a substantial level of equity. Reaffirming the strength and stability of CLC, ICRA Lanka Limited once again rated the company as SL (A), with a stable outlook in 2021.
CLC continued to expand its geographic footprint during the year, opening 3 new branches in 1H 2021/22, bringing the total branch network to 70. Another 7 are scheduled to be opened by the financial year-end. As one of Sri Lanka’s leading non-banking financial service providers, CLC offers many financial services ranging from leasing, loans, factoring, flexi cash, personal loans, Islamic finance, gold loans, credit cards, fixed deposits, savings and more – demonstrating market leadership across most of these product segments.
Commenting on the impressive 1H 2021/22 results, Krishan Thilakaratne, Executive Director/CEO of CLC said, “The true mettle of an organization can be seen in tough times and CLC has proved itself yet again by delivering a forceful financial performance in the first half of the 2021/22 financial year against a backdrop of many challenges in the market. CLC adopted a strategy of careful management of the credit portfolio while ensuring close monitoring of overheads and NPLs, making CLC one of the strongest financial institutions in the country.”
Over the years, CLC’s strong financial performance has attracted many awards and accolades. In the year 2021 as well, the LMD Brands Annual listed CLC in the Top 50 Brands, which highlighted the stability of the brand. CLC was also included amongst the Top 100 Listed Companies and the Top 100 Most Respected companies by LMD.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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