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UCL Records Stellar Performance With Rs.130 Million Profit Before Tax And An Over Rs.3 Billion Asset Base In 2018/2019

Unisons Capital Leasing Ltd., the flagship brand of Citizen’s Development Business Finance PLC, showcased its strength, recording an impressive growth for the financial year 2018/2019, registering a Rs.130 million profit before tax and Rs.103 million profit after tax, signifying a mammoth 88% increase in profits, over the Rs.55 million recorded the previous year. Meanwhile, even more impressive was the staggering growth in the UCL total asset base, which reached Rs.3.3 billion, recording an increase of 89% year on year. UCL’s achievements become all the more impressive, in the face of the current state of the financial sector.

UCL commenced operations in 2016, with an asset base of Rs.317 million, and within two years, increased it to Rs.3.3 billion, underlining its strategic dynamism and innovative approach in a saturated market place. Even more significantly, UCL upgraded its rating during that period to a (SL) BBB- (Stable) from ICRA Lanka Ltd.

UCL’s CEO – Karthik Elangovan, speaking with regard to the performance, said, “all this success belongs to the members of the UCL family, who drove the business relentlessly forward, towards success.” He went on to elaborate that UCL had been able to achieve the impressive figures, while ensuring the expectations of all their customers, stakeholders and employees.

Unisons Capital Leasing Ltd (UCL) is licensed by the Central Bank of Sri Lanka, under the Finance Leasing Act No.56 of 2000, and incorporated under the provisions of the Companies Act No.17 of 1982 and re-registered under the Companies Act No.7 of 2000.

Not content to sit on its laurels, UCL looks eagerly forward to the challenges that lie ahead, pushing ever forward to become the market leader in the two-wheeler segment in Sri Lanka, embracing their new role as an integral part of CDB.