RANK 27

SECTOR WINNER

Finance and leasing (2)

NUMBER OF AWARDS 17

Q: How has People’s Leasing & Finance evolved in turbulent economic times?

A: We worked hard to remain resilient, achieving positive growth and a robust balance sheet over the last year. Previously soaring above 30 percent, rates have now moderated to around 10 percent and are expected to fall further, spurring economic activity and demand for financial services in the near to medium terms.

While the domestic outlook is promising, geopolitical developments pose concerns. The prolonged Russia-Ukraine conflict and unrest in the Red Sea and the Levant have disrupted global trade. Sri Lanka has experienced both positive and negative repercussions.

On the positive side, Sri Lankan ports have seen an uptick in traffic; but on the negative side, we are witnessing rising fuel prices – both resulting from global supply chain disruption.

Amidst these challenges, a sense of optimism prevails for a return to pre-pandemic levels of economic activity as the IMF programme progresses and elections are expected later in 2024.

The outcomes of elections in India and the US may trigger broad-based policy changes and geopolitical shifts – risks we need to be cognisant of and prepared for.

Amidst the dynamic economic environment, People’s Leasing has proactively invested in digital technology. Recognising the importance of adaptability during the pandemic, the company had several contingencies in place to ensure business continuity.

Digitalisation efforts extend to customer facing portals and sustainability initiatives, positioning us in line with global trends.

We have formed strategic partnerships, enabling financial transactions through diverse touch points including with telcos such as Mobitel. This has expanded our reach, surpassing 20,000 touch points across Sri Lanka – an increase from our 100 branches and 300 ATMs/CDMs. Diversification into foreign markets such as Bangladesh has also proven to be effective in mitigating the effects of the financial crisis.

Shamindra Marcelline

Chief Executive Officer

Q: How important is sustainability in this context – and how are you addressing ‘talent flight’?

A: Sustainability and managing our talent effectively are pivotal. Our new Classique centre serves as a tangible manifestation of commitment to sustainability.

Equipped with eco-friendly features such as rainwater harvesting, electric vehicle (EV) charging points and solar power arrays, the centre sets the tone for future branch operations. Sustainability efforts also extend to product development, ensuring that offerings align with evolving environmental expectations.

Understanding the value of human capital and the wellbeing of people, we prioritised training, development and succession planning. Even amidst a challenging economic environment, we consistently supported employees financially and socially.

This people-centric approach is integral to mitigating the risk of individuals leaving for opportunities abroad. For those who seek international exposure, our diversification into foreign markets provides ample opportunity in the organisation.

Q: What value do awards add to companies operating in today’s business landscape?

A: Most importantly, they help to build trust with customers, investors and other stakeholders. Additionally, they serve to boost morale, recognise outstanding efforts and create a positive feedback loop in the organisation, motivating us to reach consistently for excellence.

We are immensely proud that 2023 was a year of accolades for People’s Leasing, which received multiple awards including a special one at the National Best Quality Software Awards, recognising our exceptional capabilities and innovative talent pool.

Our outstanding corporate reporting standards were also recognised by respected local and global bodies such as the Institute of Certified Management Accountants of Sri Lanka (CMA Sri Lanka) and the CA Sri Lanka TAGS Awards 2023, highlighting People Leasing’s commitment to transparency, accountability, governance and sustainability (TAGS).

On the global stage, our annual report for 2022/23 received praise, bagging four awards including three gold at the ARC Awards USA organised by MerComm Inc., which is widely regarded as the most prestigious for corporate reporting excellence worldwide.

People’s Leasing was also recognised by the European Society for Quality Research (ESQR), for adherence to corporate governance standards.

These accolades distinguish us amongst state-owned enterprises (SOEs) and listed companies, and attest to our diligent push for excellence.

 

Telephone: 2206300 | Email: info@plc.lk | Website: www.plc.lk