Reports a profit of 201 million rupees
The journey of People’s Merchant Finance PLC (PMF), which began in an era of bright economic prospects, has since weathered many external environmental and economic setbacks. Yet, the determination of management, management and all employees has overcome all obstacles to move forward in its journey of growth and development. As a result, the company reported pre-tax operating profit of Rs 201 million for the financial year ended March 31, 2022, a year when Sri Lanka’s economy went into crisis mode is an achievement worth celebrating.
PMF began its transformation journey in 2019 with the vision to renew, revitalize and reposition the business to become an innovative player in the financial services industry and evolve into the next phase of business growth. Since then, the company has grown and prospered successfully with the support of its major shareholder, Sterling Capital Investments (Private) Limited (SCIL), a subsidiary of Rush Japan Cooperation.
Credit is given to the Corporation’s five-year strategic plan for being flexible to accommodate changes while maintaining its strong core objectives. The prudent resource management measures adopted as well as the implementation of cost control mechanisms have also enabled the Company to prioritize effectively while pursuing achievable objectives.
PMF President Chandula Abeywickrema shared his thoughts; “We started our transformation journey when the economy was growing, with the hope of achieving phenomenal growth by capitalizing on the opportunities that presented themselves. However, we have faced many unexpected challenges since 2019. , from the terrorist attacks in Sri Lanka to the impacts of the COVID-19 pandemic, and now the economic crisis facing us as a nation. Nonetheless, we continue to remain positive in our outlook for PMF. We had our beliefs fundamentals in place and our plan aimed for long-term sustainable success.We believed that despite new challenges and difficulties, we would remain focused on bringing innovative financial services to people in the way they need them.
The company’s success is recorded. PMF has also seen phenomenal growth in the deposit base amid the current crisis, reaffirming client confidence in the PMF brand. Customer trust and loyalty, coupled with rigorous processes, has also led to an increase in the asset base, growth in the loan portfolio and a decline in the NPL ratio.
The Company launched its first innovative non-traditional entrepreneurship loan product for the mid-to-lower SME market. They have worked to improve customer convenience, which has resulted in renovations and branch relocations in an effort to go where customers are. PMF has also firmly pursued its digitization activities in order to be future-ready for a greater online presence while responding to the growing virtual presence of customers.
PMF CEO Nalin Wijekoon said; “It is heartening to see the progress the Society has made over the past year. We, the company and the people, had to face many challenges. Even then, we continued to believe in the vision set out by the President and Board of Directors for the future of PMF. The accomplishments we have made to date far exceed our expectations and much credit goes to our more than 200 employees who have worked closely with management and our clients to provide personalized and timely financial services.
Today, the company has divested its legacy systems and assembled a team of experts to tackle any challenges. The addition of Mr. Terence Kumara as Deputy Managing Director, business restructuring activities, increased risk management and governance frameworks and compliance with Central Bank of Sri Lanka guidelines and regulations further strengthen the company’s position for future growth.
Business continuity has been the foundation of every decision made, every strategy implemented and every resource used. The Company is confident to move into the next phase of its transformation strategy which should support economic recovery while enriching the lives of more people in more places by providing financial services when and where the need exists.
- Chandula Abeywickrema, President of the PMF
- Nalin Wijekoon, CEO of PMF