People's Leasing Archives

April 9, 2024

Embarking on a bold journey toward sustainable energy solutions, People’s Leasing & Finance PLC (PLC) and Hayleys Solar, the renewable energy arm of Hayleys Fentons Limited have officially forged a groundbreaking alliance, through a Memorandum of Understanding (MoU), to offer an easy and affordable financing scheme for households and Micro, Small & Medium Enterprises (MSMEs) in the rooftop solar segment. This scheme will empower Sri Lankans to adopt renewable energy for their daily consumption and businesses, promoting a greener tomorrow.

The lack of easy and affordable financing has been a barrier to the usage of solar by households and small businesses in the country. In order to address this challenge, Hayleys Solar and PLC have joined hands to design a unique solar financing solution for these customers, helping them switch to solar without any collateral at a very attractive interest rate. For increased convenience and accessibility, the scheme also provides a quick sanction and disbursement process. This financing scheme is provided exclusively for customers of PLC for off-grid, on-grid, and hybrid connections and other solar solutions such as solar water heaters and solar water pumps.

Under this strategic partnership, PLC and Hayleys Solar will encourage solar energy adoption among MSMEs by offering personalised, innovative financing solutions through PLC’s customised Lease Scheme. The PLC solar financing scheme offers customers an array of compelling benefits, including the most competitive interest rates and lease limit to meet the requirements of the MSME sector. This financial support is strategically placed to kick-start the widespread use of solar energy solutions, making it available to a broad range of people.

Commenting, Udesh Gunawardena, Chief Executive Officer/General Manager at PLC said, “MSMEs are the backbone of the country’s economy. They operate across industrial segments and are major consumers of electricity. Our strategic collaboration with Hayleys Solar will facilitate ‘ease of opting’ for renewable energy in the MSME sector and power its quest to become more efficient and globally competitive. I urge everyone to make the most of this opportunity and play a pivotal role in building a greener and more sustainable business ecosystem in the country.”

The financial support provided by PLC is strategically tailored to integrate sustainability seamlessly across all aspects of business operations. This eco-conscious initiative effortlessly weaves into PLC’s established sustainability framework, vividly showcasing its unwavering commitment to Environmental, Social, and Governance (ESG) principles. With a dedicated focus on promoting solar energy, PLC actively addresses environmental challenges, contributing to a significant reduction in carbon emissions and fostering a more vibrant, sustainable environment.

Additionally, Hayleys Solar, the no.1 solar provider in Sri Lanka, will join forces with PLC to offer numerous benefits on its wide range of solar products, giving PLC customers a unique advantage. This collaboration between two industry leaders highlights a strong shared commitment to not just accept but promote sustainable living, encouraging consumers to embrace renewable energy.

Hasith Prematillake – Managing Director of Hayleys Fentons Limited added, “As the leading Solar EPC company in Sri Lanka, we are pleased to enter into this partnership with People’s Leasing and Finance PLC, one of the leading nonbank financial institutions. Working together, we look forward to powering a brighter and greener, sustainable future for all Sri Lankans, driven by renewable energy and innovation.”

The partnership was made official with the signing of a Memorandum of Understanding (MoU) between the two companies.

When choosing to obtain solar power installations from Hayleys Solar through PLC, customers benefit from free site visits and consultations carried out by highly experienced and skilled engineers. Furthermore, customers will also enjoy the best after-sales experience, backed by a 20-year performance warranty from one of the pioneers of solar power in Sri Lanka.

For more information on how to get started, contact PLC on 0770 136 414 / info@plc.lk or Hayleys Solar on 0112 102 102

March 26, 2024

People’s Leasing & Finance PLC (PLC), One of the leading companies in Sri Lanka’s non-bank financial services, has received yet another recognition for its commitment to furthering digitalization and enhancing financial inclusion through digital service delivery. Accordingly, PLC received the Gold Award for Financial Institution of the Year for adopting LankaSign Digital Signatures 2022/23, at the LankaPay Technnovation Awards 2024. The Award was received on behalf of PLC by Mr. Prabath Gunasena Senior Deputy General Manager.

Expressing his pleasure, CEO, Shamindra Marcelline said, “It is indeed a great honour to receive this recognition on such a prestigious platform as the LankaPay Technnovation Awards. This accolade reflects our commitment to pursing digital enablement and innovation across our operations. In doing so, we are both positively transforming customer experiences, whilst accomplishing our sustainability objectives.”

The LankaPay Technnovation Awards is Sri Lanka’s premier awarding body for financial technology innovation. Launched in 2019, the Awards recognize the best tech innovations across the island and reward those who have made outstanding contributions towards promoting electronic payments and enhancing customer service and convenience. The Awards are highly competitive, with candidates required to meet strict criteria, and all entries are judged by an independent panel of industry experts.

Receiving the prestigious Gold Award reflects PLC’s commitment to digital innovation and achieving its sustainability objectives in line with its ESG Framework. This roadmap calls for digitization and digitalization to be key focus areas in improving access to financial services, while reducing reliance on paper to achieve a lowered carbon footprint. This award is one among many awards received by PLC in the recent past highlighting its achievements in digital innovation including, the National Best Quality Software Awards (NQBSA) 2023 for Best Digital Process Enabler of the Year, and the Merit Award for In-House Development in recognition of the innovative and user-friendly PLC Touch App. These awards affirm PLC’s dominance in digitalization, cementing its position as a trailblazer in the industry

March 8, 2024

People’s Leasing & Finance PLC (PLC) is an organization built on a foundation of unwavering dedication to gender equality and inclusion. With a firm commitment to eliminating gender discrimination, PLC has implemented extensive mechanisms and programmes to ensure that women have the support they need to achieve their fullest potential. By working to ensure that women are able to progress into senior management effectively, the company is building a diverse and dynamic work environment, enriched by a multitude of perspectives and ideas. Furthermore, PLC’s efforts to #InspireInclusion work to empower women at all levels of the organization.

Recognizing the importance of work-life balance, PLC acknowledges the unique challenges that women may encounter in juggling professional and personal responsibilities. To address this, PLC has implemented policies designed to support women in achieving a harmonious equilibrium between their work and personal lives. From comprehensive parental leave to flexible work arrangements, PLC strives to create an environment where every employee, especially women, can flourish. The company’s support for women also extends to its financing activities, with PLC providing special attention to equal-opportunity employers and women entrepreneurs, whilst providing necessary technical support.

Expressing PLC’s commitment to women, Shamindra Marcelline – CEO said, “Every day, and with every decision, we work towards fostering a culture of diversity, equity, and inclusion. We firmly believe that by providing equal opportunities for everyone, regardless of gender, we can create a workplace where all individuals can thrive and succeed. At PLC, women are valued as individuals who are integral to our success, with the ability to uniquely contribute to our vision. As the world celebrates International Women’s Day 2024, PLC stands in solidarity with all women in Sri Lanka, and across the world. Together, let us continue to champion gender equality, not just today, but every day, as we work towards creating a world where every woman and girl can realize her maximum potential.”

In keeping with the theme for Women’s Day 2024 – #InspiringInclusion – PLC has organized a range of special programmes and initiatives. These include an organization-wide women’s health awareness drive and several other internal initiatives tailored to different levels of the organization. Together, these initiatives embody PLC’s dedication to empowering women and promoting inclusivity within the workplace.

February 27, 2024

People’s Leasing & Finance PLC (PLC), Sri Lanka’s leading non-banking financial services provider, received the Sumathi Award for Best Commercial of the Year at the 29th Sumathi Awards 2024. The honour recognizes PLC’s impactful Independence Day campaign, “Api Eka Karale Wee,” crafted by Agency Words Advertising.

Highlighting the significance of the achievement, Shamindra Marcelline, CEO at PLC, expressed, “We, as the leading player in the market, felt compelled to spread positivity and create something uplifting for Sri Lankans. Our initiative goes beyond business objectives, aiming to support our fellow citizens during this pivotal moment in our history. This concept embodies the unity we should all embrace as Sri Lankans.”

Furthermore, Rohan Rajaratnam, Managing Director of Words stated, “We are honoured to have contributed to this meaningful campaign, emphasizing unity and positivity within our nation. Collaborating with PLC to convey this message has been a privilege, and we are grateful for the recognition by the Sumathi Awards. We remain committed to supporting Sri Lankans as we strive together for a prosperous future.”

The “Api Eka Karale Wee” campaign was strategically launched to coincide with the 75th Independence Day celebrations, aiming to address issues arising from recent adversities, including the Easter bombings and the COVID-19 pandemic. Through symbolic representations of various rice dishes, each reflecting a different race but united under the common cultural element of ‘WEE KARALA,’ the campaign sought to emphasize the shared identity of all Sri Lankans. By celebrating diversity and unity, particularly through the universal symbol of rice, the campaign aimed to foster a sense of togetherness and understanding among citizens.

Positioning PLC as a socially responsible brand committed to uplifting the nation, the campaign aimed to showcase PLC as a local brand that supports and embraces all Sri Lankans. Leveraging diverse communication channels, the campaign maximized outreach and engagement, effectively conveying the message of unity and solidarity to stakeholders at all levels.

January 22, 2024

Mr. Shamindra J. M. Marcelline has notified of his intention to resign from the position of Chief Executive Officer/General Manager of People’s Leasing & Finance with effect from 01st April 2024 in order to pursue his future career plans. The notice of resignation has been accepted by both the Nomination and Governance Committee and by the Board of Directors of the Company.

The resignation of Mr. Marcelline has been filed at the Colombo Stock Exchange upon receipt of clearance by the Central Bank of Sri Lanka.

Mr. Marcelline assumed the position of Chief Executive Officer/ General Manager in November 2020.

The Board will initiate a search process to identify a successor who will build upon the Company’s strong foundation and lead its growth agenda into the future.

We extend our gratitude to Mr. Marcelline for his leadership in driving PLC during challenging periods, and wish him success in his future endeavors.

December 18, 2023

People’s Leasing & Finance PLC (PLC), a dominant figure in Sri Lanka’s Non-Bank Financial Institutions (NBFI) sector, has once again demonstrated its commitment to excellence in financial reporting by securing the prestigious Silver Award at the CA Sri Lanka TAGS Awards 2023. This esteemed event, celebrated for its focus on transparency, accountability, governance, and sustainability in corporate reporting, was held at the iconic Shangri-La Hotel, Colombo, on December 12, 2023.

This year’s achievement marks a significant milestone for PLC as it continues to receive recognition for its Annual Report 2022/23, titled ‘Multi-Dimensional’. The report’s thematic focus on multidimensional growth and sustainability aligns seamlessly with the company’s dedication to digital advancement and robust corporate governance.

This accolade at the TAGS Awards further complements PLC’s recent triumphs in integrated reporting. Earlier this year, PLC received double honors at the CMA Excellence in Integrated Reporting Awards 2023, securing the “Best Integrated Report – Finance & Leasing – State” and a place among the “Ten Best” Integrated Reports. Additionally, the company made a remarkable impact at the ARC Awards in the USA, bagging three Gold Awards and a Bronze Award, alongside the distinguished Grand Award for Infographics.

Mr. Shamindra Marcelline, CEO of People’s Leasing & Finance PLC, commented on this series of achievements, saying, “Our consistent recognition at such prestigious platforms is a testament to our unwavering commitment to integrated reporting and transparent financial communication. These awards are not just accolades but affirmations of our dedication to excellence and sustainability in all aspects of our operations.”

Mr. Omal Sumanasiri, Assistant General Manager-Finance at PLC, emphasized, “Achieving success at the TAGS Awards, subsequent to our international and national accolades, highlights our standing as a frontrunner in transparent and responsible financial reporting. Our ongoing venture in integrated reporting, initiated in 2014, consistently emphasizes principles like reliability and comparability, steering us toward a sustainable and customer-centric future.”

People’s Leasing & Finance PLC, a subsidiary of the People’s Bank, has been a pioneering force in the financial sector since its inception in 1996. Its commitment to innovation, a diverse range of financial solutions, and a foundation of strong corporate governance has cemented its position as a leader in Sri Lanka’s financial landscape. These consecutive accolades at the national and international levels highlight PLC’s dedication to maintaining the highest standards in financial reporting and corporate transparency.

October 2, 2023

In January 2022, under the theme “Pahabara Anagathayakata Nivaradi Therima”, People’s Leasing & Finance PLC (PLC) successfully conducted an Islandwide promotional campaign to raise awareness about its diverse product portfolio. However, due to the challenging economic climate and market conditions, further promotions were put on hold. Now, with the economy on the path to recovery and consumers eager to reclaim their pre-pandemic aspirations, PLC is proud to announce the launch of its Islandwide promotional campaign under the captivating theme “Ekwa Badhaka Paradamu Ekwa Aramuinuwetha Yamu” – “Overcoming Obstacles Together, Moving Forward as One”.

The heart of this campaign lies in PLC’s commitment to offering attractive interest rates to its valued customers. On the 2^nd of September, the entire PLC team, including the corporate management team, hit the streets, reaching out to communities across the nation. Over 2000 staff members were on the ground, educating the public about the special products and competitive interest rates available to help them realize their aspirations. This promotion will run for three months, starting from the 2nd of September, ensuring that everyone has ample time to explore these opportunities.

Alongside attractive interest rates, PLC is launching exclusive consumer promotions to increase value for its customers. New accounts opened during the campaign month will automatically participate in a raffle, with one fortunate customer selected from each region to receive exciting rewards. Furthermore, at the conclusion of the three-month campaign period (September, October, and November), all newly acquired customers will be included in another raffle & each region will have the opportunity for one customer to win a valuable gift voucher.

Mr. Shamindra Marcelline, CEO of People’s Leasing & Finance PLC, emphasized the company’s dedication to its customers saying, “At PLC, we’ve always been with the people, providing them with the financial solutions they need to achieve their dreams. Whether it’s buying or upgrading a vehicle, starting a new business, or expanding an existing one, PLC is here to support you every step of the way. During even the most challenging times, we have given our customers the best support in terms of concessions and moratoria, even going above what was mandated by the CBSL. Particularly for SMEs, we have fulfilled our role as their preferred financial services partner, providing exceptional flexibility to ensure the best outcomes for all. We intend to continue in this manner to deliver the best for our customers.”

As Sri Lanka navigates challenging times, filled with hope and resilience, PLC remains steadfast in its commitment to supporting the dreams and ambitions of the people. This campaign is thus a testament to PLC’s enduring promise of being there for its customers, especially during challenging times, offering them valuable financial support, all under one roof.

People’s Leasing & Finance PLC, a licensed non-banking financial institution in Sri Lanka, is renowned for its innovation and unwavering commitment to providing tailored financial solutions. With a solid foundation, a diverse product portfolio, and a commitment to excellence, PLC has emerged as a leader in the financial services sector. As a subsidiary of People’s Bank, PLC continues to strengthen its position as a trusted and respected provider of financial services, fostering growth and prosperity for the people of Sri Lanka.

September 18, 2023

People’s Leasing & Finance PLC (PLC), a pillar of strength and stability in Sri Lanka’s financial sector, successfully concluded the 1^st Quarter of the fiscal year 2023/24 with a year-on-year increase in Profit of 80.9% in the midst of a challenging economic landscape.

PLC’s top line interest income recorded an impressive 10.2%, reaching Rs. 7,465 million owing to the increased investment income during the quarter. However, the company’s net interest income showed a modest fall when compared to the first quarter of 2022/23. This was mostly the result of higher interest expenses brought on by the repricing of deposits to higher rates in line with higher policy rates. Despite the stated decrease in net interest income, PLC was able to end the first quarter with a profit after tax (PAT) of Rs. 331 million as opposed to Rs. 183 million recorded in Q1 2022/23 thanks to the significant year-on-year reduction in Impairment Charges as well as reduction in operating expenses, demonstrative of an intensified commitment to internal sustainability.

Similarly, PLC Group also recorded a PAT of Rs. 552 million during Q1 2023/24, reflecting a year-on-year increase of 21.5% mainly driven by the significant reduction in the Group’s impairment charges and other losses for loans and receivables.

Even in the face of a highly inflationary environment, PLC successfully reduced total operating expenses by 3.5% compared to the corresponding quarter in the year prior due to a determined effort to increase efficiency through digital initiatives, right-sizing of branches, and improvements in internal processes. PLC recognized the significance of recalibrating its balance sheet in a setting not favourable to business expansion and took strategic measures to ensure the right sizing of its balance sheet resulting a total asset base of Rs. 155,380 million as of 30 June 2023. Backed by these strategic moves, total asset base of the PLC Group also remained resilient at Rs. 179,948 million as of 30 June 2023.

In an extremely volatile and complex business setting PLC adopted a highly disciplined liquidity management approach to ensure financial stability whilst maintaining capital adequacy ratios well ahead of the statutory minimums at the end of Q1. The majority of PLC’s funding needs were met through improved collections enabling PLC to remain watchful in growing its deposit base in a high-interest environment. Despite these measures, the deposit base of PLC remained robust at Rs. 93,228 million as of 30 June 2023, showcasing strong customer confidence. The Group deposit base also remained strong at Rs. 100,439 million, as at 30 June 2023.

Meanwhile, PLC retained its No.1 position as Sri Lanka’s Most-Loved Brand in Leasing and Finance category, as ranked by Brand Finance in LMD Brands Annual. The company’s steadfast dedication to excellence was also evident in its ascent from 51 to 36 in the esteemed “Most Respected Entities” ranking by LMD within just one year, further cementing its position as one of Sri Lanka’s most respected and trusted financial services providers.

Expressing confidence and reiterating PLC’s commitment to its customers, Mr. Shamindra Marcelline – CEO remarked, “Our Q1 performance underscores our ability to navigate a complex, dynamic and challenging business landscape. It also demonstrates our unwavering commitment to our valued customers and the strength of our operational fundamentals. Even in the face of adversity, we remain steadfast in delivering financial solutions that empower individuals and businesses, contributing to the economic prosperity of all Sri Lankans.”

The company’s prudent risk management and increased focus on improving collections led to Impairment Charges for loans and other losses notably decreased by an impressive 74.0% over Q1 2022/23, with impairment charges for the period under review totalling Rs. 442 million. In a high-interest regime with limited opportunities for business growth, total Loans and Receivables portfolio of the Company and the Group stood at Rs. 104,051 million and Rs. 116,292 million respectively as at 30 June 2023.

PLC is a leading Non-Bank Financial Institution in Sri Lanka and the flagship subsidiary of the People’s Bank, which is one of the largest state-owned banks in the country. PLC commenced business operations in 1996 and was listed on the Colombo Stock Exchange in 2011. PLC has grown to become a diversified non-bank financial powerhouse with six subsidiaries in allied areas of specialization, including an overseas venture in Bangladesh.

August 25, 2023

Through a partnership with People’s Bank, People’s Leasing & Finance PLC (PLC) the trusted leader is now poised to provide Western Union international money transfer pay-out services. This collaboration not only expands the remittance services network of People’s Leasing but also enhances accessibility for customers nationwide. With over 110 locations of People’s Leasing & Finance PLC across Sri Lanka, customers can conveniently receive Western Union money transfers.

As a global leader in cross-border, cross-currency money movement and payments, Western Union operates a vast financial network spanning over 200 countries and territories, including Sri Lanka. With its longstanding presence in Sri Lanka, Western Union has successfully connected Sri Lankans living and working across the globe, facilitating secure and convenient money transfers.

Stemming from its vision of “to become legendary in the financial-service scene as a provider of customer-friendly, creative and innovative total solutions,” PLC focuses on empowering the customer. As part of the collaboration, many offerings have been incorporated to ensure recipients enjoy Western Union’s services at PLC. These include a dedicated software system (fully automated system) and a central remittance unit at the Head office, which will support smooth operations while performing tasks, addressing customer issues, complaints etc.

Shamindra Marceline, Director/CEO of PLC said, there has been a notable rise in Sri Lankans living and working abroad who actively support their families back home. He emphasized that when receiving money from overseas, customers seek convenience, speed, and reliability. PLC is pleased to fulfill these requirements through its collaboration with Western Union, extending their services not only to urban areas but also to rural regions. PLC has always prioritized customer aspirations and will continue to do so, striving to provide exceptional service. “I would like to express our sincere appreciation to People’s Bank for their instrumental support in enabling us to operate as a subagent of People’s Bank for offering the Western Union branded money transfer services and for their unwavering assistance throughout the implementation phase,” he concluded.

PLC invites customers to visit any of the PLC branches to collect their remittances through Western Union on working days.

August 24, 2023

People’s Leasing & Finance PLC, the trusted leader in the finance sector offered a sponsorship for the Kandy Esela Perahera recently. The Kandy Esela Perahera of Sri Dalada Maligawa is known as the “Festival of the Tooth” which is considered the most historical cultural procession in the world.

The Sponsorship cheque of the People’s Leasing & Finance PLC was handed over to Pradeep Nilanga Dela, the Diyawadana Nilame of Sri Dalada Maligawa by Pradeep Amirthanayagam Chairman of People’s Leasing & Finance PLC. Kandy Branch Manager Senaka Munasinghe, Kandy Regional Chief Manager Chandike Jayaweera, and Neil Thushantha Assistant General Manager of Branch Network of People’s Leasing & Finance PLC also participated in this occasion.

Older Posts

Breaking Barriers: Peoples Leasing & Finance PLC and Hayleys Solar Collaborate to Make Solar Power Accessible to All

PLC Wins Gold at Technnovation Awards

PLC Stands in Solidarity with Women Worldwide on International Women’s Day

“People’s Leasing & Finance PLC Wins Best Commercial at 29th Sumathi Awards for ‘Api Eka Karale Wee’ Campaign”

Mr. Shamindra J. M. Marcelline has notified of his intention to resign from the position of Chief Executive Officer/General Manager of People’s Leasing & Finance

People’s Leasing & Finance PLC Clinches Silver at the CA Sri Lanka TAGS Awards 2023

People’s Leasing & Finance PLC Launches Islandwide Promotional Campaign “Ekwa Badhaka Paradamu Ekwa Aramuinuwetha Yamu”

PLC’s Profits Surge 80.9% in Q1, Amidst Challenging Environment

People’s Leasing & Finance PLC Establishes Partnership with People’s Bank to Enable Western Union International Money Transfers

Peoples Leasing & Finance PLC sponsors the Kandy Esela Perahera – 2023