LOLC retains top position in 2020

Tuesday, 2 March 2021 12:23 - - {{hitsCtrl.values.hits}}

LOLC Group Managing Director/CEO Kapila Jayawardena receiving the award from Deputy High Commissioner of India Vinod K. Jacob. Also seen are Commander of the Sri Lanka Army and Chief of Defence Staff General Shavendra Silva, and International Chamber of Commerce Sri Lanka Chairman Dinesh Weerakkody

Sri Lanka’s leading diversified financial conglomerate retained its undisputed top position by securing three top accolades during 2019/20. LOLC secured the top spot in the LMD 100 ranking as the ‘Most Profitable Listed Company’ by recording a profit after tax of Rs. 19.8 billion. Further, LOLC also rose one more position to secure the second slot in the Business Today Top 30 list for 2019/20 and went on to be named Sri Lanka’s Ten Most Admired Companies for 2020 based on its financial performance, the value created for shareholders, customers, employees and the wider community in general.

LOLC achieved the distinction of being the most profitable listed entity in the country for two consecutive years with a considerable overseas footprint. Commenting on the recent achievements, LOLC Group Managing Director/CEO Kapila Jayawardena said, “These rankings are a validation of the superior level of financial performance which has resulted in our significant stability. With a steadfast approach to innovation and bold strategies, LOLC will continue to forge ahead not just in terms of financial growth but also in terms of upholding best practices, good governance and with its commitment to sustainability. We are honoured to be ranked amongst the Most Admired Companies in Sri Lanka, LMD 100 and amongst the Business Today Top 30 list for the year. These recognitions are a direct result of the continued support of our customers as well as the passion and dedication of our staff both here and overseas.”

LOLC’s first quarter results for 2020/21, recorded the highest ever PAT of Rs. 37.3 billion compared with Rs. 10 billion recorded in June 2019. The topline from continuing operations of the Group grew to Rs. 32 billion, a 12% growth over last year while the interest income from its financial services businesses recorded an increase of 16% to reach 22 billion. The Group’s lending portfolio of the financial businesses outside Sri Lanka showed strong growth over the last year while the local companies recorded marginal growth despite subdued economic activity.

Established 40 years ago, LOLC has excelled on a national level and has now established itself as a leading microfinance institution in the countries in which it operates. With its proven microfinance business model in the region, the Group is now well-poised to serve a large Bottom of the Pyramid population.

Today, with operations in 10 countries, LOLC has successfully established itself as a strong global financial conglomerate with a multi-currency, multi-geographic microfinance and SME platform.