People’s Merchant Finance PLC (PMF) reported Rs. 201 million as Profit Before Taxes (PBT) for the year ended March 31, a year when Sri Lanka’s economy has hit crisis mode is an achievement to be celebrated.
PMF started its journey of transformation in 2019 with a vision to renew, revitalise and reposition the Company to become an innovative player in the financial services sector and evolve to the next phase of business growth. The Company has since successfully grown and prospered with ample support from its major shareholder, Sterling Capital Investments (Private) Limited (SCIL), a subsidiary of Rush Japan Cooperation.
PMF Chairman Chandula Abeywickrema said; “We started our transformation journey when the economy was on a growth phase, with expectations of achieving phenomenal growth by capitalising on opportunities that emerged. However, we faced many unexpected challenges since 2019, from the terror attacks in Sri Lanka to the impacts of the COVID-19 pandemic, and now the economic crisis that we face as a nation.”
“Still, we continued to remain positive in our outlook for PMF. We had our fundamental beliefs in place and our plan was for long-term sustainable success. We believed that despite new challenges and difficulties, we would remain focused on indicatively offering financial services to the people in the way they need it.”
PMF also recorded a phenomenal deposit base growth amid the prevailing crisis reiterating customer confidence in the PMF brand. The trust and loyalty of customers together with stringent processes also resulted in asset base increases, lending portfolio growth, and a lowering NPL ratio.
PMF CEO Nalin Wijekoon said; “it is heartening to see the progress the Company has made in the last year. We, the company and the people, faced many challenges. Even then, we continued believing in the vision set out by the Chairman and the BOD for the future path of PMF.”
The addition of Terence Kumara as the Deputy CEO, business restructuring activities, augmentation of risk/governance frameworks, and compliance with the Central Bank of Sri Lanka’s directives and regulations further strengthen the Company’s position for future growth.
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