The strategic direction introduced by the new leadership in November last year has lead People’s Merchant Finance (PMF) to breakeven 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, a company spokesman said. 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. “We believe in being compassionate towards all beings, People’s Merchant Finance has initiated various programs to enhance value to the society.
PMF has collaborated with their branch network to carry out CSR events. The staff contributes to this worthy cause while the company funds the events,” he said. 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.
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.