Connect with us

Business

Lolc Finance concludes a remarkable year with its highest profits ever recorded

Published

on

LOLC Finance PLC, the largest non-banking financial institution in Sri Lanka has reported exceptional performance recording Rs.21.5 billion profits for the fiscal year 2023/24 with 39% YoY growth, representing an ROE of 20%. This outstanding performance underscores the company’s strategic excellence and robust market position, achieved through a series of strategic consolidations and a steadfast commitment to cost efficiency, digital transformation, and customer-centricity.

As at the end of the fiscal year, the Company reported a portfolio of Rs. 250 billion and a deposit base of Rs. 206 billion along with a capital base of Rs. 122 billion, the largest in the NBFI sector. Through these results, the company not only demonstrates its dominance in the non-banking financial industry but also its successful navigation through an evolving macroeconomic landscape and the company’s ability to adapt and thrive amidst challenges.

Over the past three years, LOLC Finance has successfully executed three significant mergers, solidifying its market leadership and expanding its operational footprint. These strategic consolidations have enhanced the company’s capabilities, diversified its product offerings, and increased its customer base. Each merger was meticulously planned and executed, ensuring seamless integration and the realization of substantial operational synergies in the forthcoming years.

A cornerstone of LOLC Finance’s strategy has been a relentless focus on cost efficiency. By optimizing operational processes and leveraging economies of scale, the company has been focusing on lowering its cost base.

This is reflected by the cost to income ratio of 40% and is expected to reduce further with the benefits of the merger being extracted. This focus on efficiency improvement has been complemented by a comprehensive digital transformation strategy. The company has invested heavily in cutting-edge technologies and digital solutions, streamlining operations, enhancing customer service, and improving overall business agility. The digital initiatives have not only driven cost savings but also positioned the company at the forefront of technological innovation in the financial services sector.

At the heart of LOLC Finance PLC’s success is its unwavering commitment to customer-centricity. The company has consistently prioritized understanding and meeting the evolving needs of its customers. By offering tailored financial solutions and exceptional customer service, LOLC Finance has built strong, enduring relationships with its clients. This customer-first approach has been instrumental in driving customer loyalty and retention, further reinforcing the company’s market leadership.

Assuming its role as an Economic Enabler for most parts of the segments in the economy, LOLC Finance PLC offers comprehensive lending portfolio, with an array of financial solutions, including auto finance, speed drafts, housing loans, mortgage loans, personal loans, corporate loans, working capital solutions, gold loans, educational loans, and flexi interest loans, among others. This diverse portfolio caters to the specific needs of individuals and enterprises across the economic spectrum.

Boasting over 230 branches across the island and a culturally diverse workforce, LOLC Finance stands prioritise personalized services to its wide-ranging customer base. Setting itself apart from other non-banking financial institutions (NBFIs), LOLC Finance offers doorstep services for clients, encompassing both service provision and post-credit disbursement support. The well-trained employee base of LOLC Finance contributes significantly to the organization’s exceptional service delivery.



Business

Climate compliance pressure mounts on Lankan businesses

Published

on

Lankan businesses are facing increasing pressure to strengthen climate governance, compliance, and risk management frameworks as climate-related disclosure requirements, investor expectations, and regulatory standards continue to evolve.

Against this backdrop, Genesis – the Dilmah Centre for a Sustainable Future will host a specialised post-summit technical workshop titled “Climate Action: A Strategic Executive Workshop on Climate Resilience and Business Continuity” on June 12, in Colombo.

The programme is designed as a continuation of discussions initiated at the Sri Lanka Climate Summit 2026 and will bring together sustainability managers, compliance officers, ESG professionals, risk specialists, and corporate decision-makers. It aims to translate climate commitments into practical business strategies.

The workshop will focus on implementation rather than advocacy, examining emerging disclosure frameworks, financing mechanisms, and regulatory pathways shaping corporate climate action in Sri Lanka.

Keynote speaker Dr. Lalanath de Silva, an internationally recognised environmental lawyer and governance expert, will address the evolving legal and compliance landscape influencing climate-related business decisions.

Technical sessions will cover IFRS S2 climate-related disclosures, climate risk governance, green finance opportunities, internal carbon pricing, and access to climate financing. Speakers will include climate risk specialist Rohan Cooray, Shiranee Yasaratne of Biodiversity Sri Lanka, and Suganthi Samarasinghe of UNDP Sri Lanka.

Organisers said climate readiness is increasingly becoming a business necessity rather than a sustainability option, with growing scrutiny from global markets and regulators.

Participation is free of charge, but prior registration is required due to limited seating for professionals in sustainability, governance, compliance, and risk management roles.

Continue Reading

Business

SPAR Sri Lanka Opens New Outlet in Kurunegala

Published

on

SPAR Sri Lanka has expanded its retail network with the opening of a new outlet in Kurunegala, marking another milestone in the supermarket chain’s growth across the country.

The new store, strategically located to serve the growing population of the North Western Province, offers a wide range of products, including fresh fruits and vegetables, premium meat products, bakery items, household essentials and both local and international brands.

The outlet also features several specialty sections, including a Coconut Corner, Wellness Corner and a dedicated area catering to pet care products.

Speaking at the opening, SPAR Sri Lanka Chief Executive Officer Kumar de Silva said the new outlet reflects the company’s commitment to delivering a “glocal” shopping experience by combining international retail standards with local customer preferences.

“Our Kurunegala outlet reflects our dedication to providing customers with the best range, superior quality and exceptional service under one roof,” he said.

The store also offers SPAR’s signature fresh food concepts, including in-store bakery products, ready-to-eat meals and freshly prepared juices aimed at meeting the needs of busy consumers.

The company said customers will benefit from a range of promotional offers, loyalty rewards, weekend deals and seasonal discounts.

SPAR Sri Lanka said the expansion would also contribute to local economic development through employment generation and support for local suppliers, further strengthening the country’s retail sector.

Pic and Text by SK Samaranayake

Continue Reading

Business

Royal end title drought with dramatic shootout triumph

Published

on

The victorious Royal College Under-20 hockey team pose with the championship trophy after emerging unbeaten champions of the All Island Under-20 Hockey Tournament at the Rajarata University Grounds in Mihintale. Front row (left to right): Ronal Edirimanne, Sulaiman Shihar, Gunitha Dissanayake, Dilsara Prabath, Kumuthulu Goonathilake, Savain Karunasiri, Vidu Wijesinghe, Seth Pathirathne, Pasindu Epa and Hirun Lindula. Back row (left to right): Stefan Anthonypillai, Geesath Bathisa, Haazim Dhailamy, Teacher-in-Charge Uditha Kumara, Coach Damith Panditharatne, Captain Aathif Faleel, Kithmina Rathnayake, Vice Captain Lithum Karunasiri, Nehan Wijayanayake, Yusuf Shihar, Ruvi Perera and Rumal Jayasinghe.

Royal College, Colombo, emerged unbeaten champions of the All-Island Under-20 Hockey Tournament after defeating defending champions St. Thomas’ College, Matale, in a nail-biting sudden-death penalty shootout at the Rajarata University Grounds in Mihintale last week.

The final ended in a 1-1 draw after Royal equalised five minutes from time to cancel out the Matale side’s earlier lead.

With the penalty shootout also ending in a 4-4 deadlock, the match proceeded to sudden death. The Reid Avenue outfit eventually prevailed in the second round of sudden-death penalties to clinch the title.

A brilliant save by goalkeeper Stefan Anthonipillai, who stretched to his right to deny a crucial attempt, and the decisive conversion by Rumal Jayasinghe helped Royal secure the Under-20 championship for the first time since the tournament’s inception in 2014.

Royal’s centre-forward Savain Karunasiri was one of the team’s standout performers throughout the tournament, scoring crucial goals, including strikes in both the semi-final and the final. Anthonipillai was equally impressive, guarding the goal superbly throughout the seven-match campaign.

Royal finished runners-up when the tournament was held in Matale last year.

The Colombo school produced a series of consistent performances despite having to play on an uneven grass surface that was not ideally suited to the fast-paced modern game.

Royal began their campaign with a 2-0 victory over Christ Church College, Matale, before defeating arch-rivals St. Thomas’ College, Mount Lavinia, 1-0. They then beat Kingswood College, Kandy, 2-0 and Maris Stella College, Negombo, 2-1 to top their group.

In the quarter-final, coach Damith Panditharatne’s side overcame fancied Dharmadutha College, Badulla, by 2-0.

Royal then edged out St. Joseph Vaz College, Wennappuwa, 1-0 in the semi-final, adopting a disciplined defensive approach against the aggressively attacking Puttalam outfit.

In the other semi-final, St. Thomas’ College, Matale defeated Trinity College, Kandy, 3-1. St. Joseph Vaz later beat Trinity 1-0 in the third-place playoff.

Panditharatne’s five-year development programme, with a strong emphasis on fitness, stamina and technical skills, played a key role in Royal’s success. The title marked Royal’s first national Under-20 tournament triumph since winning the National Schools Games in 2017.

A former national player, Air Force striker and Sri Lanka Police coach, Panditharatne has focused on addressing the weaknesses of individual players while building a cohesive unit. The former Christ Church College, Matale player has been coaching Royal since 2022 with the support of the Royal College Hockey Club (RCHC), comprising former Royal hockey players.

For his outstanding performances, Anthonipillai was adjudged the Best Goalkeeper of the Tournament. Royal College was also named the Most Disciplined Team of the Tournament.

Continue Reading

Trending