LOLC posts Rs. 19.62 bn profit after tax | Daily News

LOLC posts Rs. 19.62 bn profit after tax

Ishara Nanayakkara - Deputy Chairman and Kapila Jayawardena - Group Managing Director/CEO
Ishara Nanayakkara - Deputy Chairman and Kapila Jayawardena - Group Managing Director/CEO

LOLC Group releasing its year end results for 31 March 2019, registered another strong year to its stellar performance over the last decade. With a robust Profit Before Tax (PBT) of Rs.26.81Bn, compared to Rs. 24.66Bn recorded in 2018, LOLC continues to surpass its own accomplishments.

The Group’s Profit After Tax (PAT), as at 31st March 2019, stood at Rs. 19.62 billion comparison to Rs. 19.19 billion that was recorded in 2018.

The Group, well served by its characteristic strength in the SME and microfinance sectors of the country, has been a catalyst in financial inclusion in Sri Lanka. Excelling on a national level, LOLC has undertaken a timely expansion to the region and has now established itself as a market

leader in microfinance in the countries which it operates.

Regional expansion has not only offered LOLC a diversified revenue stream with increased financial stability, but also have added resilience with a well spread risk profile. Therefore, it has made the Group susceptible for local externalities offering consistent growth.

Today, LOLC owns 70% of PRASAC, a company that clams USD 2.6Bn in assets, USD 2.2Bn in portfolio, USD 1.5 billion in deposits and USD 103 million in PBT for the 12 months ending March 2019. LOLC Cambodia, the 4th largest MFI in Cambodia.(See more on Finance page I)


 

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