Business
LOLC Finance notches deposit base surpassing Rs. 180 bn
LOLC Finance PLC unlocked successes in many fronts while they stepped in to a new era, as the largest Non-Banking Financial Institution (NBFI) of the country in early 2022. During a background where the country’s economy was already in a fragile state, achieving an impressive deposit growth reflects the strong brand acceptance and reputation relished by LOLC Finance in the industry, an LOLC Finance press release said.
The release adds: ‘The merger of LOLC Finance PLC with Commercial Leasing & Finance (CLC) PLC, another subsidiary of LOLC Group, transformed LOLC Finance into the largest Non-Banking Financial Institution (NBFI) in Sri Lanka, enhancing their brand equity further more with an ICRA (A) STABLE rating.
‘LOLC Finance now holds 20% of the industry asset portfolio reflecting boundless potential for growth and expansion with an asset base of Rs. 333 Bn at the end of September 2022, which puts it on par with the large banks, offering an insight into the brand equity and scale of the merged entity today.
‘LOLC Finance also happens to be the leading and the biggest NBFI in terms of deposit mobilization. The Deposit base of the merged entity reached Rs. 180.8 Bn while the capital base reached 86.7 BN at the end of September 2022. The most important factor in this growth was the convenience offered to customers by continuing with uninterrupted and reliable solutions, through staying resilient amidst the challenging situations.
‘Sharing thoughts on the success story of the merged entity, Ms. Roshani Weerasekara, Head Liability Management of LOLC Finance stated, “Our superiority and expertise within the Savings and Fixed Deposits business unit draws from the unique customer servicing we provide to our customers together with our tailor made solutions.
‘We understand that our customer constituencies, are built with specific and diverse needs. Thus, we always fine-tune our position in the industry through finding solutions for these customer needs, through innovations. Strategically we define sectors, define products in to sectors, revisit product offerings, and develop marketing strategies while identifying key metrics to be applied.
‘Through LOLC wealth unit, we provide tailored solutions and services to our VIP clients. On the other hand, through our stretched distribution network, we mobilize granular deposits.
‘Our success story remains at how we retain our existing customers while we keep growing our deposit base. We are mastering the concept of creating options for our depositors in terms of attracting them. Customer retention ratio of LOLC Finance reflects the public perception of the company as a reliable and a trustworthy financial service provider at a period in which most of the other financial services were finding it extremely difficult to grow their depositors.
‘We are an innovative and a modern entity focused on making customers for life. At present, LOLC Finance is serving private investors, small and medium scale businessmen, public funding agencies, non-profit investors as well as personal investors. We also offers an array of services ranging from minor to senior across the board meeting all customer requirements timely”.
‘The merged entity, LOLC Finance grew from 134 to 210 branches, covering every depth and corner of the country. Customers of LOLC Finance are now extended with an extra convenience and closer access to more branches island wide. Earlier, LOLC Finance and CLC catered to two different market segments, which is now mounting to a competitive advantage, where customers from both entities are served with a value addition.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Rivon Agriglobe introduces ZETOR tractors, Rover e-bikes
Rivon Agriglobe and Rivon Lanka, affiliated with Celogen Lanka, Assidua Technologies and Kelun Lifesciences, have introduced ZETOR and Agriglobe tractors, the Z-Tukoba power tiller and Rover electric motorcycles to the Sri Lankan market.
The new range was launched at a special event held on September 4 at the Sannasa Hotel in Dambulla, attended by more than 120 dealers from across the country.
The event was graced by Nalin Welgama as Chief Guest, together with Rishi Kumar, Managing Director; WH Roshan, Finance Director; Sadish Kumar, Director; Sumith Nandana, General Manager; Suresh Dhammika, Head of Sales; and Jayasuriya, Operations Manager.
The agricultural machinery range includes the 50-horsepower ZETOR HORTUS 50 and Agriglobe 50 tractors and the Z-Tukoba power tiller, offering what the company described as European-engineered technology for Sri Lankan farmers.
The launch also featured the recognition of Rover E-Bike dealers, highlighting the company’s efforts to expand its island-wide dealer network and promote electric mobility.
The companies said the new models would be available through their growing dealer network across Sri Lanka, providing customers with access to agricultural machinery and electric motorcycles.
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