People’s Leasing and Finance PLC taking initiative to protect & empower Sri Lankans amidst Covid 19

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Sri Lanka’s leading state-owned Non-Bank Finance Institution, People’s Leasing & Finance PLC (People’s Leasing) recently donated essential medical equipment to strengthen the national response against the COVID-19 pandemic. The vital medical supplies were presented to selected government hospitals to support testing and treatment. 

Sri Lanka’s undisputed pioneer in Non-Bank Finance services & subsidiary of public sector banking giant People’s Bank, People’s Leasing and Finance PLC (PLC), has worked tirelessly over the past two years to empower and assist Sri Lankans throughout the country by offering financial assistance to overcome the present turbulent circumstances as well as through its many Corporate Social Responsibility (CSR) initiatives.

Some such initiatives include: Donating medical equipment and non medical equipment worth Rs.25mn to selected government hospitals and 3 Intermediate Covid Care Centers,donating Rs. 5mn to Itukama Covid-19 Fund, donating electronic devices to 53 beneficiaries to continue online learning through the “Senehasa scholarship scheme”, gifting 10 infrared thermometers to Trincomalee District General Hospital and establishing hand-washing & isolation areas in 21 government schools.

Apart from humanitarian assistance PLC extended its moratorium facility to over 50% of its clientele subject to Central Bank stipulations; as such, the first moratorium amounted to Rs.67.96 billion equivalent of 57,253 facilities while the second moratorium amounted to Rs.25.36 billion covering 15,722 facilities. PLC facilitated restructuring & rescheduling of loans for customers who didn’t fulfill the criteria to be entitled for moratoria.

Furthermore, PLC continues to subsidize customers attached to hospitality and passenger transport sectors – two industries which have suffered the greatest impact due to Covid19. 

PLC’s contribution towards Sri Lanka’s transportation sector is particularly noteworthy. During the first wave, PLC offered an interest concession of 4% for 4,362 buses amounting to a portfolio of Rs.8.13 billion.

PLC has an “A+ (lka) Outlook Stable” rating from Fitch Ratings Lanka and was recognized as one of the 10 Best Corporate Citizens in Sri Lanka for 7 Years.Other accolades of PLC include: 3rd in Transparency in Corporate Reporting (TRAC) which assesses top 50 listed companies in Sri Lanka, Most Valuable Consumer Brand in financial services sector & Most Loved Brand in Leasing sector in Brands Annual by Brand Finance Lanka and rank 18th among Top 30 Corporates according to Business Today. 

PLC is a highly accountable and ethical enterprise which operates in compliance with Regulatory standards . PLC as a unique public-private sector enterprise strives to create a welcome atmosphere for all citizens. Staying true to its name, PLC intends to continue prioritizing PEOPLE’s interest as it has done over the past 25 years, since inception. 

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