The strategic direction introduced by the new leadership in mid-November 2017 has lead People’s Merchant Finance (PMF) to break-even in the month of March 2018.
The company made a profit for the first time in six years and made the highest monthly credit disbursements of Rs.370 Mn in its history. Currently, PMF is directed towards month on month profits through its effective recovery process.
Further, the NPA ratio which was 28% in December 2017 has been brought down to a record 9.83% by the end of March 2018 through intensified recovery drives. The performance of the first quarter of 2018/19 has provided a firm foundation for the company to grow vigorously during the rest of the year.
The Chairman, Hemasiri Fernando and the Board of Directors have brought in a fresh breath of air to People’s Merchant Finance PLC. Nishantha Gunasekara, CEO PMF said that the aim of the new leadership is to bring in a holistic approach to all aspects of the company, in terms of its business, the patrons, the staff and its social responsibility towards the society.
“Within the period, the company achieved a remarkable growth in lending with the contribution of its geographically widespread branches. The company has taken steps to revitalize and review all its processes, thereby enhancing the efficiency in delivering and catering to customer needs. With a view of strengthening the Human Capital of the company, with excellent leadership skills being increasingly expected at all levels, specific functional training and business management programs, as well as general management training have been initiated,” said CFO, People’s Merchant Finance PLC, Nishantha Gunasekara.
Whilst pursuing its business objectives, People’s Merchant Finance PLC, believes in kindness and compassion towards others. As a subsidiary of People’s Bank and having over 35 years history in the finance sector, PMF has won the hearts of many loyal customers.
In the current financial year 2018/2019, the company has taken measures to launch CSR activities by instilling moral values in the society by spreading the message of being compassionate towards others.
“We believe in being compassionate towards all beings, People’s Merchant Finance PLC has initiated various programs to enhance value to the society. PMF has collaborated with their branch network to carry out CSR events.”
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