LOLC Finance PLC has announced outstanding financial results for the six months ending
September 30, 2024, marking a strong first half of profitability and growth.
The company achieved a Profit After Tax (PAT) of Rs. 8.1 billion, a 46% increase compared to the Rs. 5.6 billion reported during the same period in 2023. This robust performance emphasises LOLC Finance’s strength and resilience within a dynamic financial landscape.
Key financial highlights for the period reflect LOLC Finance’s commitment to sustainable growth. Net Interest Income rose by 15%, moving from Rs. 18 billion to Rs. 21 billion.
LOLC Finance’s asset base saw a 7% increase, growing from Rs. 366 billion to Rs. 393 billion as of 30th September 2024. The company’s total equity also surged, standing at Rs. 130 billion compared to Rs. 106 billion in 2023, demonstrating robust shareholder value and capital strength. Furthermore, with more than 20% of the industry’s asset portfolio, liability portfolio, and equity under its control, LOLC Finance has solidified its position among the country’s financial powerhouses, standing par with leading banks.
The company’s impairment charges were notably reduced by 50%, reflecting LOLC Finance’s disciplined approach to managing risk and enhancing portfolio quality. The company’s customer-focused strategies have also driven an increase in the deposit base reaching200 billion, reinforcing its standing as a trusted financial partner across Sri Lanka. CEO of LOLC Finance, Krishan Thilakaratne said, “Our recent accomplishments highlight the strength of our customer-centric approach, especially within the SME and micro sectors that are vital to Sri Lanka’s economic landscape. Our impressive financial performance is a testimony to our strategic vision and sound risk management practices, further reinforced by (SL) A positive rating from the Lanka Rating Agency (LRA).”
Chairman of LOLC Finance, Conrad Dias said, “As an institution, LOLC Finance PLC has successfully bridged the divide between the banking and non-banking financial sectors, positioning itself alongside the largest banks in the country.”
Conrad Dias, Chairman – LOLC Finance PLC
Krishan Thilakaratne, Director/Chief Executive Officer – LOLC Finance PLC
