AUDITED
FINANCIAL STATEMENTS
For the period ended 31st March 2024 | PMF FINANCE PLC |
PMF FINANCE PLC
STATEMENT OF PROFIT OR LOSS
For the year ended 31st March 2024
Company | Group | |||||||||||||||
Restated | Restated | |||||||||||||||
For the year ended 31st March | 2024 | 2023 | Change | 2024 | 2023 | Change | ||||||||||
In thousands of rupees | Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | ||||||||||
Audited | Audited | Audited | Audited | |||||||||||||
Gross Income | 3,345,300 | 2,095,447 | 59.6 | 3,345,300 | 2,095,447 | 59.6 | ||||||||||
Interest income | 3,092,836 | 2,008,133 | 54.0 | 3,092,836 | 2,008,133 | 54.0 | ||||||||||
Less: Interest expense | (1,988,125) | (1,255,480) | (58.4) | (1,988,125) | (1,255,480) | (58.4) | ||||||||||
Net interest income | 1,104,711 | 752,653 | 46.8 | 1,104,711 | 752,653 | 46.8 | ||||||||||
Fee and commission income | 39,498 | 29,552 | 33.7 | 39,498 | 29,552 | 33.7 | ||||||||||
Net income from financial assets at FVTPL | 131,131 | 30,644 | 327.9 | 131,131 | 30,644 | 327.9 | ||||||||||
Other operating income | 81,835 | 27,117 | 201.8 | 81,836 | 27,117 | 201.8 | ||||||||||
Total operating income | 1,357,175 | 839,967 | 61.6 | 1,357,175 | 839,967 | 61.6 | ||||||||||
Less: Impairment (charges)/reversals and other losses | (225,546) | (154,029) | (46.4) | (225,546) | (154,029) | (46.4) | ||||||||||
Net operating income | 1,131,629 | 685,937 | 65.0 | 1,131,629 | 685,937 | 65.0 | ||||||||||
Less: | ||||||||||||||||
Personnel expenses | (254,568) | (258,900) | 1.7 | (254,568) | (258,900) | 1.7 | ||||||||||
Depreciation of property, plant and equipment | (50,934) | (24,962) | (104.0) | (50,934) | (24,962) | (104.0) | ||||||||||
Amortisation of intangible assets | (3,332) | (2,936) | (13.5) | (3,332) | (2,936) | (13.5) | ||||||||||
Amortisation of right of use assets | (53,559) | (43,892) | (22.0) | (53,559) | (43,892) | (22.0) | ||||||||||
Other operating expenses | (740,793) | (505,568) | (46.5) | (740,793) | (505,799) | (46.5) | ||||||||||
Operating (loss)/profit before taxes on financial services | 28,443 | (150,320) | 118.9 | 28,444 | (150,551) | 118.9 | ||||||||||
Less: Taxes on financial services | (53,434) | (33,273) | (60.6) | (53,434) | (33,273) | (60.6) | ||||||||||
Loss before tax | (24,991) | (183,593) | 86.4 | (24,990) | (183,824) | 86.4 | ||||||||||
Less: Income tax reversal | 44,253 | 29,810 | 48.5 | 44,253 | 29,810 | 48.5 | ||||||||||
Profit/(loss) for the period | 19,262 | (153,783) | 112.5 | 19,263 | (154,014) | 112.5 | ||||||||||
Basic earnings per share (Rs.) | 0.05 | (0.38) | 0.05 | (0.38) | ||||||||||||
Figures in brackets indicate deductions. | ||||||||||||||||
. |
PMF FINANCE PLC
STATEMENT OF FINANCIAL POSITION
As at 31st March 2024
Company | Group | |||||||||||||
Restated | Restated | |||||||||||||
As at | 31.03.2024 | 31.03.2023 | Change | 31.03.2024 | 31.03.2023 | Change | ||||||||
In thousands of rupees | Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | ||||||||
Audited | Audited | Audited | Audited | |||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | 1,827,450 | 654,625 | 179.2 | 1,827,450 | 654,865 | 179.1 | ||||||||
Placements with banks and financial institutions | 1,455,435 | 1,264,071 | 15.1 | 1,455,435 | 1,264,071 | 15.1 | ||||||||
Investments in securities | 576,443 | 409,938 | 40.6 | 576,443 | 409,938 | 40.6 | ||||||||
Financial assets measured at amortised cost - loans and lease | 5,800,423 | 4,192,052 | 38.4 | 5,800,423 | 4,192,052 | 38.4 | ||||||||
rentals receivable | ||||||||||||||
Financial assets measured at amortized cost - loans and | 5,442,101 | 4,190,816 | 29.9 | 5,442,101 | 4,190,816 | 29.9 | ||||||||
receivables to other customers | ||||||||||||||
Real Estate Stock | 56,905 | 55,859 | 1.9 | 56,905 | 55,859 | 1.9 | ||||||||
Property, plant and equipment | 268,886 | 169,494 | 58.6 | 268,886 | 169,494 | 58.6 | ||||||||
Intangible assets | 60,284 | 44,238 | 36.3 | 60,284 | 44,238 | 36.3 | ||||||||
Right of use assets | 168,099 | 189,561 | (11.3) | 168,099 | 189,561 | (11.3) | ||||||||
Deferred tax assets | 123,573 | 79,320 | 55.8 | 123,573 | 79,320 | 55.8 | ||||||||
Other assets | 538,830 | 279,610 | 92.7 | 538,830 | 279,610 | 92.7 | ||||||||
Total assets | 16,318,429 | 11,529,586 | 41.5 | 16,318,429 | 11,529,826 | 41.5 | ||||||||
Liabilities | ||||||||||||||
Due to banks | 1,741,718 | 854,924 | 103.7 | 1,741,718 | 854,924 | 103.7 | ||||||||
Deposits due to customers | 11,238,015 | 7,651,122 | 46.9 | 11,238,015 | 7,651,122 | 46.9 | ||||||||
Debt securities issued | 18,400 | 17,800 | 3.4 | 18,400 | 17,800 | 3.4 | ||||||||
Lease liabilities | 170,393 | 179,178 | (4.9) | 170,393 | 179,178 | (4.9) | ||||||||
Employee benefit obligation | 16,206 | 12,249 | 32.3 | 16,206 | 12,249 | 32.3 | ||||||||
Other liabilities | 409,117 | 103,360 | 295.8 | 409,117 | 104,188 | 292.7 | ||||||||
Total liabilities | 13,593,850 | 8,818,634 | 54.1 | 13,593,849 | 8,819,461 | 54.1 | ||||||||
Equity | ||||||||||||||
Stated capital | 3,762,054 | 3,762,054 | 0.0 | 3,762,054 | 3,762,054 | 0.0 | ||||||||
Statutory reserve fund | 21,202 | 20,239 | 4.8 | 21,202 | 20,239 | 4.8 | ||||||||
Regulatory loss allowances reserve | 54,173 | - | - | 54,173 | - | - | ||||||||
Accumulated losses | (1,112,850) | (1,071,339) | (3.9) | (1,112,850) | (1,071,929) | (3.8) | ||||||||
Total equity attributable to the owners of the Company | 2,724,579 | 2,710,954 | 0.5 | 2,724,579 | 2,710,364 | 0.5 | ||||||||
Total liabilities and equity | 16,318,429 | 11,529,586 | 41.5 | 16,318,429 | 11,529,826 | 41.5 | ||||||||
Contingencies & Commitments | ||||||||||||||
44,042 | 94,159 | (53.2) | 44,042 | 94,159 | (53.2) |
Net assets value per share (Rs.)
6.72
6.69
6.72
6.69
PMF FINANCE PLC
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31st March 2024
Company | Group | ||||||||||
For the year ended 31st March | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||
In thousands of rupees | Rs. '000 | Rs. '000 | % | Rs. '000 | Rs. '000 | % | |||||
Audited | Audited | Audited | Audited | ||||||||
(Loss)/profit for the year | 19,262 | (153,783) | 112.5 | 19,263 | (154,014) | 112.5 | |||||
Other comprehensive income (net of tax) | |||||||||||
Actuarial gain on retirement benefit obligation | (4,091) | 2,194 | 286.4 | (4,091) | 2,194 | 286.4 | |||||
Deferred tax effect on actuarial (loss) | - | (658) | 100.0 | - | (658) | 100.0 | |||||
Other comprehensive income for the period, net of taxes | (4,091) | 1,536 | 366.3 | (4,091) | 1,536 | 366.3 | |||||
Total comprehensive (loss)/income for the year attributable to | 110.0 | 109.9 | |||||||||
the owners of the Company | 15,171 | (152,247) | 15,171 | (152,478) | |||||||
Figures in brackets indicate deductions.
PMF FINANCE PLC
SELECTED KEY PERFORMANCE INDICATORS
Item | Company | |||
As at 31.03.2024 | As at 31.03.2023 | |||
Required | Actual | Required | Actual | |
Regulatory Capital Adequacy (%) | ||||
Tier 1 Capital Adequacy Ratio | 8.50% | 17.92% | 8.50% | 26.76% |
Total Capital Adequacy Ratio | 12.50% | 17.92% | 12.50% | 26.76% |
Capital Funds to Deposit Liabilities Ratio | 10.00% | 24.24% | 10.00% | 35.43% |
Quality of Loan Portfolio (%) | ||||
Gross Stage 3 Loans Ratio | 17.47% | 18.17% | ||
Net Stage 3 Loan Ratio | 15.89% | 14.32% | ||
Net Stage 3 Loans to Core Capital Ratio | 69.88% | 44.85% | ||
Stage 3 Impairment Coverage Ratio | 13.16% | 25.77% | ||
Total Impairment Coverage Ratio | 4.50% | 5.82% | ||
Profitability (%) | ||||
Net Interest Margin | 9.47% | 8.78% | ||
Return on Assets | 0.14% | -1.55% | ||
Return on Equity | 0.71% | -5.55% | ||
Cost to Income Ratio | 77.28% | 94.97% | ||
Liquidity (%) | ||||
Available Liquid Assets to Required Liquid | 150% | 107% | ||
Assets (Minimum 100%) | ||||
Liquid Assets to External Funds | 13% | 10% | ||
Memorandum information | ||||
Number of branches | 14 | 13 | ||
External Credit Rating | B+ Stable | B+ Stable |
The Company does not have any regulatory penalties or regulatory restrictions on deposits, borrowings and lending during the period ended 31st March 2024 and 2023.
CERTIFICATION
These Financial Statements have been prepared in compliance with the reqirements of the Companies Act, No. 07 of 2007.
Sgd. | Sgd. |
Achan Chandula | Terrance Kumara |
Chief Manager Finance | Chief Executive Officer |
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Sgd | Sgd. |
Chandula Abeywickrama | Rangana Koralage |
Chairman | Director |
09 July 2024 | 09 July 2024 |
Colombo | Colombo |
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People's Merchant Finance plc published this content on 11 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 July 2024 10:20:29 UTC.