LOLC retains its top position in 2020 | Daily News

LOLC retains its top position in 2020

Group Managing Director/CEO of LOLC Group Kapila Jayawardena receiving the award from the Deputy High Commissioner of India Vinod K. Jacob. General Shavendra Silva, and Dinesh Weerakkody, look on.
Group Managing Director/CEO of LOLC Group Kapila Jayawardena receiving the award from the Deputy High Commissioner of India Vinod K. Jacob. General Shavendra Silva, and Dinesh Weerakkody, look on.

One of Sri Lanka’s leading diversified financial conglomerates secured three top accolades during 2019/20. LOLC secured the top spot in the LMD 100 ranking as the ‘Most Profitable Listed Company’ by recording a profit after tax of Rs. 19.8 billion. Further, LOLC also rose one more position to secure the second slot in the Business Today Top 30 list for 2019/20 and went on to be named Sri Lanka’s Ten Most Admired Companies for 2020 based on its financial performance, the value created for shareholders, customers, employees and the wider community in general.

LOLC achieved the distinction of being the most profitable listed entity in the country for two consecutive years with a considerable overseas footprint. Commenting on the recent achievements, Group Managing Director/CEO of LOLC Group, Kapila Jayawardena said, “These rankings are a validation of the superior level of financial performance which has resulted in our significant stability. With a steadfast approach to innovation and bold strategies, LOLC will continue to forge ahead not just in terms of financial growth but also in terms of upholding best practices, good governance and with its commitment to sustainability. We are honoured to be ranked amongst the Most Admired Companies in Sri Lanka, LMD 100 and amongst the Business Today Top 30 list for the year. These recognitions are a direct result of the continued support of our customers as well as the passion and dedication of our staff both here and overseas.”

LOLC’s first-quarter results for 2020/21, recorded the highest ever PAT of Rs. 37.3Bn compared with Rs. 10Bn recorded in June 2019. The topline from continuing operations of the Group grew to Rs. 32Bn, a 12% growth over last year while the interest income from its financial services businesses recorded an increase of 16% to reach 22Bn.

The Group’s lending portfolio of the financial businesses outside Sri Lanka showed strong growth over the last year while the local companies recorded marginal growth despite the subdued economic activity.

Established 40 years ago, LOLC has excelled on a national level and has now established itself as a leading microfinance institution in the countries in which it operates.

Today, with operations in 10 countries, LOLC has successfully established itself as a strong global financial conglomerate with multi-currency, multi-geographic microfinance and SME platform.