Commercial Leasing & Finance PLC (CLC) posted a strong growth during the financial year 2017/18, recording a Rs 2.9 billion in profit before taxes; surging 32% growth in comparison to the previous financial year.
The post-tax profits increased to Rs 2.1 billion, which marked a 27% year on year growth.
The 2017/18 financial year has been an excellent one for CLC with the profitability of the company was strengthening by strong growth in net interest income which recorded a steady growth of 33% churning out Rs 6.3 billion of net income, surpassing industry rivalry and competition.
Overall, the company recorded an ROE of 13.98 % and ROA of 3.84 %, and the asset base stands at Rs 73.5 billion. The company has been able to register a continuous acceleration in the year on year profits since 2014 benefiting mostly from the improved net interest margins coupled with portfolio yields.
CLC’s deposit base expanded by Rs 7.5 billion, enabling the companies deposit book to surpass
Rs 23 billion for the first time in its 30-year history. Growing at an average of 47% in 2018, CLC’s total deposit base reached Rs 23.4 billion as at the reporting date. Deposit growth was driven by the robust increase in term savings and fixed deposits. On the other hand, the leasing business grew significantly from the previous year. CLC grew their lending portfolio by Rs 5.8 billion over the last year.
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