LOLC Finance reports Rs.8.1 bn PAT in 1h 2024
View(s):LOLC Finance PLC has announced its financial results for the six months ending September 30, 2024, marking a strong first half of profitability and growth, where the company achieved a Profit After Tax (PAT) of Rs.8.1 billion, a 46 per cent increase compared to the Rs.5.6 billion reported during the same period in 2023.
Key financial highlights for the period reflect LOLC Finance’s commitment to sustainable growth. Net Interest Income rose by 15 per cent, moving from Rs.18 billion to Rs.21 billion. Additionally, LOLC Finance’s asset base saw a 7 per cent increase, growing from Rs.366 billion to Rs.393 billion by end September, according to a company media release.
The company’s impairment charges were reduced by 50 per cent, 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 reaching Rs.200 billion, reinforcing its standing as a strong financial partner across Sri Lanka.
Commenting on the results, CEO of LOLC Finance, Krishan Thilakaratne, stated, “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. By improving our customers’ quality of life, we not only promote individual growth but also make a meaningful contribution to the nation’s economic development.”
Company Chairman 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. This achievement is further fuelled by our ambitious digital roadmap, which aims to empower the bottom-of-the-pyramid population by putting digital technology directly in their hands, enabling them to uplift their own livelihoods.”
LOLC Finance is Sri Lanka’s largest Non-Banking Financial Institution (NBFI).
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