People's Leasing & Finance PlcCSELK: PLC.N0000

Interim Financial Statements as at 31st December 2024

Feb 13, 2025 at 10:24 AM UTC · Issued by People's Leasing & Finance Plc

For the period ended 31st December 2024

Contents

Financial Information

Statement of Financial Position	01

Statement of Profit or Loss - Company	02

Statement of Profit or Loss - Group	03
Statement of Comprehensive Income - Company	04
Statement of Comprehensive Income - Group	05
Statement of Changes in Equity - Company	06

Statement of Changes in Equity - Group	07

Statement of Cash Flows	08

Analysis of Financial Instruments by Measurement Basis - Company	09

Analysis of Financial Instruments by Measurement Basis - Group	10

Fair Value Hierarchy	11

Segmental Analysis	12

Information on Ordinary Shares of the Company	13

Shareholders' Information	14

Explanatory Notes	15

Analysis of Loans and Receivables Impairment	16

Debenture Information	17

Related Party Disclosure - Company	18

Related Party Disclosure - Group	19

Corporate Information	20

INTERIM

FINANCIAL

STATEMENTS

STATEMENT OF FINANCIAL POSITION

			Company				Group
As at		31.12.2024		31.03.2024	Change	31.12.2024		31.03.2024	Change
		Rs. Mn.		Rs. Mn.	%	Rs. Mn.		Rs. Mn.	%
		Unaudited*		Audited		Unaudited*		Audited
Assets
Cash and cash equivalents	7,326	9,728	(24.7)	7,923	10,637	(25.5)
Balances with banks and financial institutions	3,159	14,288	(77.9)	6,013	17,563	(65.8)
Financial assets -Fair value through profit or loss	329	1,340	(75.4)	822	1,452	(43.4)
Loans and receivables - Amortised cost	130,565	103,650	26.0	143,409	116,920	22.7
Insurance and reinsurance receivables	-	-	-	1,297	1,587	(18.3)
Financial assets - Fair value through other
comprehensive income	1,299	1,159	12.1	1,821	1,720	5.9
Debt instrument - Amortised cost	8,229	18,372	(55.2)	15,144	23,827	(36.4)
Investments in subsidiaries	3,519	3,455	1.9	-	-	-
Investment property	295	295	-	1,369	1,306	4.8
Other assets	1,276	3,982	(68.0)	1,239	4,163	(70.2)
Property, plant and equipment	1,718	1,361	26.2	4,178	3,780	10.5
Right-of-use assets	1,599	1,360	17.6	1,121	1,287	(12.9)
Deferred tax assets	771	819	(5.9)	735	829	(11.3)
Intangible assets	33	41	(19.5)	181	185	(2.2)
Total assets	160,118	159,850	0.2	185,252	185,256	(0.0)
Liabilities
Due to banks - Amortised cost	5,688	2,263	151.3	10,377	7,181	44.5
Due to customers - Amortised cost	96,834	97,438	(0.6)	103,265	103,843	(0.6)
Debt securities issued - Amortised cost	4,909	11,032	(55.5)	4,909	11,032	(55.5)
Other financial liabilities - Amortised cost	5,357	3,189	68.0	6,484	3,926	65.2
Insurance liabilities and reinsurance payable	-	-	-	5,074	5,509	(7.9)
Lease liabilities - Amortised cost	1,934	1,637	18.1	1,400	1,554	(9.9)
Current tax liabilities	493	295	67.1	841	536	56.9
Other liabilities	1,207	1,391	(13.2)	1,379	1,633	(15.6)
Retirement benefit obligation	822	779	5.5	968	897	7.9
Total liabilities	117,244	118,024	(0.7)	134,697	136,111	(1.0)
Equity
Stated Capital	19,230	19,230	-	19,230	19,230	-
Statutory reserve fund	2,968	2,968	-	3,136	3,107	0.9
Retained earnings	20,045	19,885	0.8	24,502	23,974	2.2
Other reserves	631	(257)	(345.5)	1,290	432	198.6
Total equity attributable to equity holders of the
Company	42,874	41,826	2.5	48,158	46,743	3
Non-controlling interest	-	-	-	2,397	2,402	(0.2)
Total equity	42,874	41,826	2.5	50,555	49,145	2.9
Total liabilities and equity	160,118	159,850	0.2	185,252	185,256	(0.0)

Contingencies	353	353	-	551	516	6.8
Commitments	18,076	13,887	30.2	18,076	13,887	30.2

Net assets value per ordinary share (Rs.)	19.90	19.41	2.5	22.35	21.70	3.0

CERTIFICATION

We certify that the above Interim Financial Statements are in compliance with the requirements of the Companies Act No. 7 of 2007.

(sgd.)	(sgd.)
Priyankara Gangabadage	Sanjeewa Bandaranayake
Senior Manager - Finance	Chief Executive Officer
The Board of Directors is responsible for these Interim Financial Statements.
Approved and Signed for and on behalf of the Board:
(sgd.)	(sgd.)
S.M.A.K. Samarakoon	P.D. Samarasinghe
Chairman	Director
11th Feb 2025
Colombo.
* The above figures are provisional and subject to audit.

INTERIM

FINANCIAL

STATEMENTS

STATEMENT OF PROFIT OR LOSS - COMPANY

	For the period ended		For the quarter ended
	31.12.2024	31.12.2023	Change	31.12.2024	31.12.2023	Change
	Rs. Mn.	Rs. Mn.	%	Rs. Mn.	Rs. Mn.	%
	Unaudited	Unaudited		Unaudited	Unaudited
Interest income	19,053	21,893	(13.0)	6,378	7,179	(11.2)
Less: Interest expense	8,982	13,453	(33.2)	2,724	4,110	(33.7)
Net interest income	10,071	8,440	19.3	3,654	3,069	19.1
Fee and commission income	1,279	1,159	10.4	464	464	-
Net gain/ (losses) on financial assets - FVTPL	176	95	85.3	86	20	330.0
Other operating income	218	459	(52.5)	2	393	(99.5)
Total operating income	11,744	10,153	15.7	4,206	3,946	6.6
Less: Impairment charges and other losses for loans and
receivables	55	(114)	(148.2)	(4)	(276)	(98.6)
Net operating income	11,689	10,267	13.9	4,210	4,222	(0.3)
Less:
Personnel expenses	3,383	3,106	8.9	1,244	1,151	8.1
Depreciation and Amortisation	500	503	(0.6)	168	163	3.1
Other operating expenses	2,539	2,022	25.6	901	766	17.6
Total operating expenses	6,422	5,631	14.0	2,313	2,080	11.2
Operating profit before Tax on financial services	5,267	4,636	13.6	1,897	2,142	(11.4)
Less: Taxes on financial services	1,388	1,263	9.9	504	536	(6.0)
Profit before income tax	3,879	3,373	15.0	1,393	1,606	(13.3)
Less: Income tax expense	1,435	1,232	16.5	515	567	(9.2)
Profit for the period	2,444	2,141	14.2	878	1,039	(15.5)

The above figures are provisional and subject to audit.

INTERIM

FINANCIAL

STATEMENTS

STATEMENT OF PROFIT OR LOSS - GROUP

	For the period ended		For the quarter ended
	31.12.2024	31.12.2023	Change	31.12.2024	31.12.2023	Change
	Rs. Mn.	Rs. Mn.	%	Rs. Mn.	Rs. Mn.	%
	Unaudited	Unaudited		Unaudited	Unaudited
Interest income	21,616	24,418	(11.5)	7,240	8,052	(10.1)
Less: Interest expense	9,769	14,256	(31.5)	2,989	4,386	(31.9)
Net interest income	11,847	10,162	16.6	4,251	3,666	16.0
Net earned premiums	3,588	2,858	25.5	1,066	692	54.0
Fee and commission income	946	789	19.9	346	336	3.0
Net gain/ (losses) on financial assets - FVTPL	196	97	102.1	88	20	340.0
Other operating income	246	326	(24.5)	98	174	(43.7)
Total operating income	16,823	14,232	18.2	5,849	4,888	19.7
Less: Impairment charges and other losses for
loans and receivables	126	(201)	(162.7)	41	(297)	(113.8)
Net operating income	16,697	14,433	15.7	5,808	5,185	12.0
Less:
Personnel expenses	4,496	4,061	10.7	1,645	1,492	10.3
Depreciation and Amortisation	460	459	0.2	161	150	7.3
Benefits, claims and underwriting expenditure	2,468	2,062	19.7	743	484	53.5
Other operating expenses	3,066	2,494	22.9	1,107	972	13.9
Total operating expenses	10,490	9,076	15.6	3,656	3,098	18.0
Operating profit before Tax on financial
services	6,207	5,357	15.9	2,152	2,087	3.1
Less: Taxes on financial services	1,462	1,300	12.5	535	555	(3.6)
Profit before income tax	4,745	4,057	17.0	1,617	1,532	5.6
Less: Income tax expense	1,896	1,505	26.0	651	661	(1.5)
Profit for the period	2,849	2,552	11.6	966	871	11.0
Profit attributable to:
Equity holders of the parent	2,837	2,357	20.4	980	840	16.7
Non-controlling interest	12	195	(93.8)	(14)	31	(145.2)
Profit for the period	2,849	2,552	11.6	966	871	11.0
Basic/Diluted earnings per ordinary share (Rs.)	1.32	1.09	21.1	0.45	0.39	15.4

The above figures are provisional and subject to audit.

INTERIM

FINANCIAL

STATEMENTS

STATEMENT OF COMPREHENSIVE INCOME - COMPANY

	For the period ended		For the quarter ended
	31.12.2024	31.12.2023	Change	31.12.2024	31.12.2023	Change
	Rs. Mn.	Rs. Mn.	%	Rs. Mn.	Rs. Mn.	%
	Unaudited	Unaudited		Unaudited	Unaudited
Profit for the period	2,444	2,141	14.2	878	1,039	(15.5)
Other comprehensive income/(expenses)
Other comprehensive income not to be reclassified to
profit or loss in subsequent periods (net of tax):
Actuarial gains/(losses) on defined benefit plans	-	-	-	-	-	-
Deferred tax effect on above	-	-	-	-	-	-
Financial assets-FVOCI
Gains/ (losses) on re-measuring FVOCI financial assets	161	178	(9.6)	127	33	284.8
Deferred tax effect on above	(49)	(54)	(9)	(38)	(10)	280.0

Net other comprehensive income not to be reclassified to
profit or loss in subsequent periods	112	124	(9.7)	89	23	287.0
Other comprehensive income for the period, net of taxes	112	124	(9.7)	89	23	(287.0)
Total comprehensive income for the period	2,556	2,265	12.8	967	1,062	(8.9)

The above figures are provisional and subject to audit.

INTERIM

FINANCIAL

STATEMENTS

STATEMENT OF COMPREHENSIVE INCOME - GROUP

	For the period ended		For the quarter ended
		31.12.2023	Change		31.12.2023	Change
	31.12.2024	31.12.2024
	Rs. Mn.	Rs. Mn.	%	Rs. Mn.	Rs. Mn.	%
	Unaudited	Unaudited		Unaudited*	Unaudited
Profit for the period	2,849	2,552	11.6	966	871	11.0
Other comprehensive income/(expenses)

Other comprehensive income to be reclassified to profit
or loss in subsequent periods (net of tax):

Net gains/(losses) arising from translating the Financial
Statements of the foreign subsidiary	(7)	(128)	94.5	90	(7)	1,385.7

Net other comprehensive income to be reclassified to
profit or loss in subsequent periods	(7)	(128)	(94.5)	90	(7)	(1,385.7)

Other comprehensive income not to be reclassified to
profit or loss in subsequent periods (net of tax):
Actuarial gains/(losses) on defined benefit plans	(9)	-	-	(9)	-	-
Deferred tax effect on above	3	-	-	3	-	-
Financial assets - FVOCI
Gains/ (losses) on re-measuring FVOCI financial assets	126	328	(100.0)	115	81	(42.0)

Deferred tax effect on above	(38)	(99)	100.0	(35)	(24)	(100.0)
Net other comprehensive income not to be reclassified to	82	229	(64.2)	74	57	(29.8)
profit or loss in subsequent periods

Other comprehensive income for the period, net of
taxes	75	101	(25.7)	164	50	(228.0)
Total comprehensive income for the period	2,924	2,653	10.2	1,130	921	22.8

Profit Attributable to :
Equity holders	86	138	(37.7)	124	46	(169.6)
Non-controlling interest	(11)	(37)	(70)	40	4	100.0
Other comprehensive income for the period, net of
taxes	75	101	(25.7)	164	50	(228.0)
Total comprehensive income for the period	2,924	2,653	10.2	1,130	921	22.8

The above figures are provisional and subject to audit.

INTERIM

FINANCIAL

STATEMENTS

STATEMENT OF CHANGES IN EQUITY - COMPANY

				Other Reserves
							Total
				Regulatory
		Statutory	Share	Fair Value	Retained	Equity
	Capital	Loss Allowance
	Reserve Fund	Allotment	Reserve	Earnings
		Reserve

	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.
Balance as at 01.04.2023	18,016	2,791		-	(571)	19,557	39,793
Total comprehensive income for the period ended 31.12.2023
Profit for the period ended 31.12.2023		-		-	-	2,141	2,141
Other comprehensive income (net of tax)	-	-		-	178	(54)	124
Total comprehensive income for the period ended 31.12.2023	-	-		-	178	2,087	2,265
Transactions with equity holders, recognised directly in equity

Dividend paid - cash	-	-	1,429	-	-	(2,859)	(1,430)
Total transactions with equity holders	-	-	1,429	-	-	(2,859)	(1,430)
Balance as at 31.12.2023	18,016	2,791	1,429	-	(393)	18,785	40,628
Balance as at 01.04.2024	19,230	2,968		100	(357)	19,885	41,826
Total comprehensive income for the period ended 31.12.2024

Profit for the period ended 31.12.2024	-	-		-	-	2,444	2,444
Other comprehensive income (net of tax)	-	-		-	161	(49)	112
Total comprehensive income for the period ended 31.12.2024	-	-		-	161	2,395	2,556
Transactions with equity holders, recognised directly in equity

Transfers to reserves during the period	-	-		727	-	(727)	-
Dividend paid	-	-			-	(1,508)	(1,508)
Total transactions with equity holders	-	-		727	-	(2,235)	(1,508)
Balance as at 31.12.2024	19,230	2,968		827	(196)	20,045	42,874

The above figures are provisional and subject to audit.

INTERIM

FINANCIAL

STATEMENTS

STATEMENT OF CHANGES IN EQUITY - GROUP

				Other Reserves
		Statutory		Regulatory		Foreign			Non-
		Reserve		Loss		currency	Retained		Total
	Capital	Share Allotment	FV Reserve	Total	controlling
	Fund	Allowance	translation	Earnings	Equity
					Interest
				Reserve		reserve

	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.
Balance as at 01.04.2023	18,016	2,906	-	-	(628)	977	23,249	44,520	2,485	47,005
Total comprehensive income for the period ended 31.12.2023
Profit for the period ended 31.12.2023	-	-	-	-	-	-	2,357	2,357	195	2,552
Other comprehensive income (net of tax)	-	-	-	-	291	(65)	(88)	138	(37)	101
Total comprehensive income for the period ended 31.12.2023	-	-		-	291	(65)	2,269	2,495	158	2,653
Transactions with equity holders, recognised directly in equity

Transfers to reserves during the period	-	-	-	-	-	-	-	-	-	-
Dividend paid - cash	-	-	1,429	-	-	-	(2,859)	(1,430)	-	(1,430)
Total transactions with equity holders	-	-	1,429	-	-	-	(2,859)	(1,430)	-	(1,430)
Balance as at 31.12.2023	18,016	2,906	1,429	-	(337)	912	22,659	45,585	2,643	48,228
Balance as at 01.04.2024	19,230	3,107	-	100	(326)	658	23,974	46,743	2,400	49,143
Total comprehensive income for the period ended 31.12.2024
Profit for the period ended 31.12.2024	-	-		-	-	-	2,837	2,837	12	2,849
Other comprehensive income (net of tax)	-	-		-	135	(4)	(45)	86	(11)	75
Total comprehensive income for the period ended 31.12.2024	-	-		-	135	(4)	2,792	2,923	1	2,924
Transactions with equity holders, recognised directly in equity
Sript dividend to Minority Shareholders	-	-	-				-	-	21	21
Transfers to reserves during the period	-	29	-	727	-	-	(756)	-	-	-
Dividend paid	-	-	-	-	-	-	(1,508)	(1,508)	(25)	(1,533)
Total transactions with equity holders	-	29	-	727	-	-	(2,264)	(1,508)	(4)	(1,512)
Balance as at 31.12.2024	19,230	3,136	-	827	(191)	654	24,502	48,158	2,397	50,555

The above figures are provisional and subject to audit.

INTERIM

FINANCIAL

STATEMENTS

STATEMENT OF CASH FLOWS

		Company	Group
For the period ended 31st December	2024	2023	2024	2023
		Rs. Mn.	Rs. Mn.	Rs. Mn.	Rs. Mn.
		Unaudited	Unaudited	Unaudited	Unaudited
Cash flows from operating activities
Income from cash and cash equivalent	593	365	596	371
Payments to loans and receivables	(107,895)	(54,724)	(114,092)	(61,420)
Receipts from loans and receivables	101,075	85,717	109,339	92,345
Investment in balances with banks & financial institutions	(8,987)	(71,897)	(9,920)	(73,978)
Receipts from balances with banks & financial institutions		20,832	93,216	22,904	96,363
Investment in debt instrument at amortized cost	(25,572)	(48,908)	(32,016)	(52,051)
Receipts from debt instrument at amortized cost	39,781	33,640	44,764	35,772
Payment for due to customers	(113,539)	(108,327)	(119,630)	(108,615)
Receipts from due to customers	104,765	89,916	110,338	90,003
Receipt from other income	2	2	128	142
Investment in financial assets - fair value through profit or loss	(6,000)	(1,200)	(6,377)	(1,200)
Proceeds from financial assets - fair value through profit or loss	7,187	200	7,203	204
Receipt from Financial assets - Fair value through OCI	82	82	170	103
Investment in Financial assets - Fair value through OCI	-	-	-	-
Payment for lease liabilities	(535)	(507)	(386)	(349)
Payment for personnel expenses	(3,592)	(3,187)	(4,697)	(4,137)
Payment for other operating activities	(4,088)	(3,397)	(4,533)	(3,433)
Premium received from customers	-	-	3,878	2,912
Claims paid	-	-	(2,903)	(2,342)
Dividend income from investments	3	256	3	2
Gratuity paid	(48)	(64)	(55)	(75)
Income tax paid	(1,185)	(1,462)	(1,475)	(1,894)
Net cash generated from/(used in) operating activities	2,879	9,721	3,239	8,723
Cash flows from investing activities
Purchase of property, plant and equipment	(472)	(90)	(605)	(109)
Proceeds from the sale of property, plant and equipment	-	191	5	201
Purchase of intangible assets	-	(5)	(9)	(41)
Net cash (used in)/generated from investing activities	(472)	96	(609)	51
Cash flows from financing activities
Payment for due to banks	(5,348)	(5,137)	(9,553)	(6,012)
Borrowing from due to banks	9,000	-	12,758	2,265
Payment for debt securities issued	(6,613)	(6,595)	(6,613)	(6,450)
Borrowing from debt securities issued	-	-	-	-
Dividend paid to non-controlling interest	-	-	(4)	-
Net cash (used in)/generated from financing activities	(4,470)	(13,158)	(4,921)	(11,623)
Net (decrease) in cash & cash equivalents	(2,063)	(3,341)	(2,291)	(2,849)
Cash and cash equivalents at the beginning of the period	9,220	5,792	9,112	5,173
Cash and cash equivalents at the end of the period	7,157	2,451	6,821	2,324

Cash and cash equivalents	7,326	2,595	7,923	3,599
Bank overdraft	(169)	(144)	(1,102)	(1,275)
Cash and cash equivalents at the end of the period	7,157	2,451	6,821	2,324

The above figures are provisional and subject to audit.

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