Business

LOLC expands international footprint with entry into Zambia

Published

5 years ago

2020/10/25

The LOLC Group began its operations in Zambia recently with the official launch of its inaugural branch in Lusaka.

The company, which will operate as LOLC Finance Zambia Limited, is a deposit-taking, non-banking financial institution and will provide finance products such as home loans, motor vehicle finance, business loans, and consumer loans, among other products, thus helping to narrow the access to financial services gap in Zambia.

The branch at Lusaka Cairo Road was ceremonially opened by Ms. Freda Tamba, Director, Non-Bank Supervision, Bank of Zambia. Plans are also underway to open branches in the Copperbelt and North-Western provinces of Zambia in the near future.

LOLC Zambia is LOLC’s ninth overseas finance operation. LOLC has already launched operations in Cambodia, Myanmar, Indonesia, Pakistan, Philippines and Nigeria.

LOLC reigns as Sri Lanka’s most profitable listed entity for two consecutive years, emerging as a “Sri Lankan global player” in a short span of time.

With its financial strength and the perfected microfinance business model in the region, the Group is well-positioned to expand its operations beyond Asia, serving a large Bottom of the Pyramid population.

LOLC, which is looking at establishing its breakthrough impact finance lending model across Africa, replicating its success in Asia, made its debut to Africa in 2019 by acquiring a microfinance bank in Nigeria and by starting LOLC Finance Zambia as a green field project. Today, with promising strategic investments, LOLC looks to increase its presence throughout the African region in the years to come.

LOLC Group Managing Director/CEO, Kapila Jayawardena said, “Zambia is a very important market to us as it is one of the fastest growing economies in Africa. There is enormous opportunity and potential for micro-entrepreneurs to expand their businesses and for enhanced economic development. As the only Sri Lankan financial institution operating in this market, we hope to export our Global expertise to Zambia as done in all other nations we are present in, to benefit mainly the MSME segment to uplift their lives through responsible lending. We hope to use our technological innovations to effectively penetrate the Zambian market”.

Excelling on a national level, LOLC has now established itself as a leading microfinance institution in the countries in which it operates. Today, LOLC has successfully established itself as a strong global financial conglomerate and with this standing, the Group is poised to be a global financial catalyst with a multi-currency, multi-geographic microfinance and SME platform in the future.

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Business

Dr RAD Jeewantha named most innovative dentist of the year

Published

6 hours ago

2025/04/27

Thilina Walpola

Dr Jeewantha receiving the award

Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.

His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.

He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.

Business

IIHS Foundation in Biological Studies offers fast-track route to global health careers

Published

6 hours ago

2025/04/27

Thilina Walpola

The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.

Business

Seylan Bank Reports Strong Growth in Q1 2025 Financials

Published

6 hours ago

2025/04/27

Thilina Walpola

Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.

Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.

Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.

Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.

In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.