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Commercial Credit profits up 184% in Q1

Commercial Credit and Finance PLC recorded a profit after tax of Rs. 490 million for the quarter ended June 30 up from Rs. 172 million posted during the corresponding period in 2013, a growth of 184%.

Net interest income rose 86% in the quarter from Rs. 886 million in 2013 to Rs. 1,652 million this year.

The significant improvement in the results builds upon the company achieving a record Rs. 1 billion in profits for the first time in its history during the financial year ended March 31, 2014.

"The last financial year was a significant milestone in our calendar and we are building on that momentum this year as well," Commercial Credit CEO, Roshan Egodage said.

"We also made a conscious effort to focus and build on our core values as reflected in our most recent communication campaigns. Our staff have also made an effort to be more customer centric and engage with local communities to build lasting relationships," he said.

"We have strived to build positive relationships with the local community around each location we operate in, building a greater level of trust and respect for each other.

Our staff have made the extra effort to find solutions that suits the needs of customers, which has lead to growth in revenue. We have to build on these relationships further to sustain the momentum through the year and into the next," Egodage said.

Commercial Credit and Finance PLC results for the quarter also recorded an increase in its Total Operating Income, growing to Rs. 1,760 million from Rs. 974 million. Total Assets rose to Rs. 35,866 million compared with Rs. 19,859 million a year earlier.

The company's Net Assets per Share rose to Rs. 13.26 from Rs. 6.83 as at June 30, 2013.

The earnings per share also increased to Rs. 1.72 per share from 73 cents recorded for the corresponding period last year.

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