CLC posts favourable profits in FY2020/21
View(s):Commercial Leasing & Finance PLC (CLC), part of the LOLC group, has recorded its best-ever financial year despite the severe challenges arising from the COVID-19 global pandemic through the year, achieving a growth of 34 percent to Rs. 2.67 billion in 2020/21 in Profit Before Tax, over the previous year.
Profit After Tax rose by 43 percent over the preceding year to reach Rs. 2.2 billion while the cost of funds decreased by as much as 23 percent to Rs. 4,737 million in the year under review, the company said in a media release.
It said the key factor for CLC’s success was its two-pronged strategy to navigate the unprecedented year; strengthening customer relationships and helping customers to plan their financial commitments as reflected in the 60,000 moratoriums granted by the company, which accounts for approximately one-third of its loan portfolio in 2020/21.
Deposits grew by 32 percent during the year under review. CLC said it remained mindful of the fact that that it needed to partner SMEs and micro business customers especially in times of such crises.
CLC Executive Director/CEO Krishan Thilakaratne said, “Delivering the highest profitability amidst one of the most disruptive years in the nation’s history is a testimonial to the people and processes at CLC. More importantly, this milestone was gained while supporting customers whose businesses were badly affected by the pandemic through which we earned the trust of our customer base.”