LOLC Finance records highest profits ever in FY23/24
View(s):LOLC Finance PLC, the largest non-banking financial institution in Sri Lanka, has reported a strong performance recording Rs.21.5 billion profit for the fiscal year 2023/24 with 39 per cent YoY growth. This performance underscores the company’s strategic excellence and robust market position, achieved through a series of strategic consolidations and a steadfast commitment to cost efficiency, digital transformation, and customer-centricity, it said in a media release.
As at the end of the fiscal year, the company reported a portfolio of Rs. 250 billion and a deposit base of Rs. 206 billion along with a capital base of Rs. 122 billion, the largest in the NBFI sector. Through these results, the company not only demonstrated its dominance in the non-banking financial industry but also its successful navigation through an evolving macroeconomic landscape and the company’s ability to adapt and thrive amidst challenges. Over the past three years, LOLC Finance has successfully executed three significant mergers, solidifying its market leadership and expanding its operational footprint. These strategic consolidations have enhanced the company’s capabilities, diversified its product offerings, and increased its customer base. Each merger was meticulously planned and executed, ensuring seamless integration and the realisation of substantial operational synergies in the forthcoming years.
Assuming its role as an economic enabler for most parts of the segments in the economy, LOLC Finance PLC offers a comprehensive lending portfolio, with an array of financial solutions, including auto finance, speed drafts, housing loans, mortgage loans, personal loans, corporate loans, working capital solutions, gold loans, educational loans, and flexi interest loans, among others. This diverse portfolio caters to the specific needs of individuals and enterprises across the economic spectrum.
It has over 230 branches across the island and a culturally diverse workforce.
The digitalisation roadmap of LOLC Finance adds a new dimension to its customer-centric approach. With the goal of maximising customer convenience and operational efficiency, the company invests in digital technologies that drive innovation. Offering services such as iPay, Real Time mobile app, and internet banking, customers can access a wide array of financial services without the need for physical visits. Omni channels will be further developed for customers to access financial services through multiple channels while enabling them to switch channels seamlessly.
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