LOLC Finance’s deposit base surpasses Rs.180 bn
View(s):LOLC Finance PLC has unlocked successes in many fronts while stepping into a new era, as the largest Non-Banking Financial Institution (NBFI) of the country in early 2022. During a background where the country’s economy was already in a fragile state, achieving an impressive deposit growth reflects the strong brand acceptance and reputation relished by LOLC Finance in the industry, the company said in a statement.
The merger of LOLC Finance PLC with Commercial Leasing and Finance (CLC) PLC, another subsidiary of LOLC Group, transformed LOLC Finance into the largest Non-Banking Financial Institution (NBFI) in Sri Lanka, enhancing its brand equity further more with an ICRA (A) STABLE rating.
LOLC Finance now holds 20 per cent of the industry asset portfolio reflecting solid potential for growth and expansion with an asset base of Rs. 333 billion as at the end of September 2022, which puts it on par with the large banks.
LOLC Finance is also the leading and the biggest NBFI in terms of deposit mobilisation. The deposit base of the merged entity reached Rs. 180.8 billion at the end of September 2022.
Sharing thoughts on the success story of the merged entity, Ms. Roshani Weerasekara, Head Liability Management of LOLC Finance stated, “Our superiority and expertise within the Savings and Fixed Deposits business unit draws from the unique customer servicing we provide to our customers together with our tailor made solutions. We understand that our customer constituencies, are built with specific and diverse needs. Thus, we always fine-tune our position in the industry through finding solutions for these customer needs, through innovations.” The merged entity, LOLC Finance grew from 134 to 210 branches, covering every depth and corner of the country. Customers of LOLC Finance are now extended with an extra convenience and closer access to more branches island wide. Earlier, LOLC Finance and CLC catered to two different market segments, which is now becoming a competitive advantage, where customers from both entities are served with a value addition.
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