Commercial Credit and Finance PLC records successful Q3 2018

Thursday, 7 March 2019

Commercial Credit and Finance PLC Group recorded a strong performance for the quarter ended 31st December 2018 with an un-audited Profit Attributable to Shareholders of Rs. 808,425,246 as compared to Rs. 678,095,749 recorded in the quarter ended 31st December 2017. The Group recorded a growth of Rs. 130,392,497 in Profit Attributable to Shareholders or 9% in comparison to the corresponding period last year. The performance is commendable as it was achieved in a very challenging environment in the last quarter of 2018.

The Group’s performance for the nine months ended 31st December 2018 also ended on a high note with Commercial Credit and Finance PLC Group recording a Profit Attributable to Shareholders of Rs. 1,890,707,367 compared to Rs. 1,782,354,731 rupees recorded as at 31st December 2017 which is a 6% growth.

The Company has fully implemented Sri Lanka Financial Reporting Standards 9 during the Financial Year of 2018/2019. The above results are after providing for impairment of financial assets under SLFRS 9.

Commercial Credit and Finance PLC, accredited internationally as one of Sri Lanka’s premier financial services organisation, is widely recognised by benchmarking the highest standards in services and performance. The Asset Base and the Loan Book of the Group stands at Rs. 78Bn and Rs. 65 Bn as at 31st December 2018 respectively. The Deposit Base of the Group Stood at Rs. 50 Bn. The Company has an island wide branch network with over 120 locations.

Chief Operating Officer Mr. Rajiv Casie Chitty of Commercial Credit and Finance PLC shared these views, “The main driving force behind Commercial Credit’s astronomical success has always been at the hands of our very dedicated workforce. We are truly humbled and elated that we were able to record such successful results. We are deeply committed to ensuring that our success reaches all stakeholders of the company”.

Commercial Credit and Finance PLC offers a wide range of products and services including Leasing, Deposits, Loans, Pawning, Factoring, Micro Finance and Hire Purchase. The Cmpany has financed many small and medium sized business over the years and aims to empower and financially uplift vulnerable sections of the population through self-employment opportunities and entrepreneurial guidance. Given its win-win strategy, the company is set to keep setting the benchmark for performance excellence. The Commercial Credit and Finance PLC Group includes Trade Finance and Investment PLC, a 99% owned subsidiary. Trade Finance Investment PLC is fast growing Finance Company, which focuses mainly on offering leasing solutions to Three Wheel and Two Wheel Vehicles.

 

                                                                 

Media Contact : not for publication please

Shammi Jayathilake, DGM Marketing & Product Development, Commercial Credit Ltd. M : 077 255 0 255

Adahas PR – Kumar 0777 379 973. Tharindra 0777 560 611