People's Leasing & Finance PLC, sometimes called People's Leasing Company or commonly abbreviated PLC, is a licensed non-banking financial company in Sri Lanka.[2] The company is ranked 30th in LMD 100, an annual list of leading listed companies in Sri Lanka.[3] Brand Finance placed the company 21st amongst the 100 most valuable brands in Sri Lanka.[4] The company was incorporated in 1995 and in 2010 listed on the Colombo Stock Exchange. 75% of the shares of the company is held by the People's Bank, one of the two government-held banks of Sri Lanka.
History
The company was incorporated in 1995 as a limited liability company. During 2008/09 the company diversified into new business areas by forming two subsidiaries. People's Insurance Ltd was incorporated as a wholly-owned subsidiary in 2009/10. The company was listed on the Colombo Stock Exchange in 2010. The company merged with its subsidiary People's Finance PLC in 2013/14.[1] The company appointed a new CEO, Shamindra Marcelline in November 2020.[5]
Operations
Fitch Ratings affirmed the A+ credit rating for People's Leasing in September 2021 and the outlook is adjudged as stable in September 2021.[6] With a market share of 12% of the Finance and Leasing Company sector, the company is one of the largest finance and leasing companies in the country.[7] People's Leasing ranked 27th in Business Today's Top 40 for the year 2020/21. The company recorded the highest profit in the history of the company for the year 2020/21.[8] In 2021, the company issued LKR10 billion debentures and received applications for over LKR14 billion by the closure.[9] At the 56th Charted Accountants Awards, organised by the Institute of Chartered Accountants of Sri Lanka, the company received the silver award for the annual report 2020/21 in finance and leasing companies sector.[10] The company relocated its metropolitan branch to Vauxall Street in Slave Island, Colombo after renovation in December 2021. The premises was inaugurated by the company's chairman, Sujeewa Rajapakse.[11]
