Commercial Credit posts Rs. 4.52 Bn PAT  for FY 2021/22

Commercial Credit and Finance PLC reported a profit after tax of Rs. 4.52 Bn for the financial year ending 31 March 2022, a 93.6% growth compared to the previous year. This growth was mainly fuelled by the 32.3% increase in the net interest income, 67.5% increase in the fee and commission income and the 82.4% increase in the other operating income.

The Company’s asset base grew to Rs. 93.6 Bn from Rs. 91.1 Bn during the financial year ended 31st March 2022 recording a growth of 2.7%. This was mainly caused by the growth in the net loan book which grew by 7.9% during the period.

The Company’s asset quality continued to improve finishing the year with a Gross Non Performing Accommodation (NPA) ratio of 4.67% compared to the 5.39% the previous year. The Company’s net NPA also improved to a negative 4.09% from 1.46% reflecting diligent provisioning.

The deposit and savings base of the company increased by 0.2% during a challenging year for fund mobilisation, finishing with a deposit and savings base of Rs. 48.1Bn.

The significant increase in profitability while enjoying steady growth in the asset base saw the Company reporting a Return on Assets (ROA) of 4.9% compared to 2.6% the previous year. Return on Equity (ROE) also grew to 26.1% compared to 15.6% the previous year, providing value to its shareholders.