Commercial Credit said it has recorded a massive Rs. 1.2 billion pre-tax profit in FY 2011/2012.
The company said its Net Interest Income showed a growth of 153% in the financial year under consideration from Rs. 0.7 billion earlier to Rs. 1.8 billion now.
“Pre-tax profit recorded an exceptional growth of 320% from Rs. 0.3 billion in the financial year 2010/2011 to stand at Rs. 1.2 billion. The tremendous growth in Profit-after-Tax stands at 1,259 % from Rs. 60 million in the preceding financial year to Rs. 816.5 million. This underscores Commercial Credit PLC’s success in realising the hidden potential of Sri Lanka’s finance industry,” the company statement to the media said.
Commercial Credit’s Asset Base rose by 97%. It also enjoyed a growth in the Fixed Deposit Base amounting to 76% and taking the figure to Rs. 6.8 billion from 3.8 billion in previous financial year.