Business
LOLC Finance PLC has announced outstanding financial results for the six months ending
LOLC FINANCE REPORTS LKR 8.1 BILLION PAT IN 1H 2024
30th September 2024, marking a strong first half of profitability and growth. The company achieved a Profit After Tax (PAT) of Rs. 8.1 billion, a significant 46% increase compared to the Rs. 5.6 billion reported during the same period in 2023. This robust performance emphasises LOLC Finance’s strength and resilience within a dynamic financial landscape.
Key financial highlights for the period reflect LOLC Finance’s commitment to sustainable growth. Net Interest Income rose by 15%, moving from Rs. 18 billion to Rs. 21 billion. Additionally, LOLC Finance’s asset base saw a 7% increase, growing from Rs. 366 billion to Rs. 393 billion as of 30th September 2024. The company’s total equity also surged, standing at Rs. 130 billion compared to Rs. 106 billion in 2023, demonstrating robust shareholder value and capital strength. Furthermore, with more than 20% of the industry’s asset portfolio, liability portfolio, and equity under its control, LOLC Finance has solidified its position among the country’s financial powerhouses, standing par with leading banks.
The company’s impairment charges were notably reduced by 50%, reflecting LOLC Finance’s disciplined approach to managing risk and enhancing portfolio quality. The company’s customer-focused strategies have also driven an increase in the deposit base reaching 200 billion, reinforcing its standing as a trusted financial partner across Sri Lanka. With 212 branches nationwide, LOLC Finance remains committed to bridging financial gaps and providing Sri Lankans with flexible savings, deposit schemes, and secure Visa debit card access through an extensive ATM network.
Commenting on the strong financial results, the CEO of LOLC Finance, Mr. Krishan Thilakaratne, stated, “Our recent accomplishments highlight the strength of our customer-centric approach, especially within the SME and micro sectors that are vital to Sri Lanka’s economic landscape. By improving our customers’ quality of life, we not only promote individual growth but also make a meaningful contribution to the nation’s economic development. At LOLC Finance, we have positioned ourselves as the largest financier in microfinance and factoring while also leading the way in SME, agricultural, Islamic, and working capital financing. Our impressive financial performance is a testimony to our strategic vision and sound risk management practices, further reinforced by (SL) A positive rating from the Lanka Rating Agency (LRA).”
The Chairman of LOLC Finance, Mr. Conrad Dias, added, “As an institution, LOLC Finance PLC has successfully bridged the divide between the banking and non-banking financial sectors, positioning itself alongside the largest banks in the country. This achievement is further fuelled by our ambitious digital roadmap, which aims to empower the bottom-of-the-pyramid population by putting digital technology directly in their hands, enabling them to uplift their own livelihoods. The foundation of our success lies in our unique business model that emphasizes customer protection and empowerment. Looking to the future, we are committed to prioritizing our digital transformation initiatives, aiming to foster a paperless economy and enhance accessibility through AI-driven solutions, solidifying our status as a blue-chip stock on the Colombo Stock Exchange.”
As the trusted financial partner, LOLC Finance remains committed to upholding its reputation for excellence, backed by licensing from the Monetary Board of the Central Bank of Sri Lanka, which ensures compliance with stringent regulatory standards. As Sri Lanka’s largest Non-Banking Financial Institution (NBFI), LOLC Finance is strategically positioned for continued growth and expansion. Explore the rates and diverse services offered by visiting www.lolcfinance.com.
Business
“ViYASA” National Business Facilitation Centre (NBFC) to be opened tomorrow (22)
The National Business Facilitation Centre (NBFC), which is being established under the Presidential Secretariat with the aim of removing administrative and regulatory barriers that exist among government institutions in relation to investment and industry and expediting these processes, will be opened tomorrow (22).
The centre is being established on the President’s initiative with the aim of bringing about a positive transformation in the industrial sector. The centre will provide solutions to issues that arise in dealing with the government machinery when starting and operating a business, while also coordinating with the relevant government institutions to provide the necessary facilities.
The “ViYASA” National Business Facilitation Centre (NBFC) has been established at Building C-80, Hector Kobbekaduwa Mawatha, Colombo 07, and is headed by Senior Additional( Secretary to the President, Seevali Arukgoda.
The centre will be opened under the patronage of Minister of Labour and Deputy Minister of Finance and Planning Dr Anil Jayantha Fernando and Minister of Industry and Entrepreneurship Development Sunil Handunnetti, with the participation of Secretary to the President Dr Nandika Sanath Kumanayake.
The website https://nbfc.presidentsoffice.gov.lk is also scheduled to be officially launched on the occasion.
President’s Media Division)
Business
Charting a worker-centered AI future: Colombo hosts landmark ITF conference
By Sanath Nanayakkare
Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.
These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.
Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.
As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.
Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.
Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.
Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.
Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.
Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.
Business
Bridging the digital divide: Sri Lanka’s airport licence challenge
By Sanath Nanayakkare
As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).
While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.
This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.
The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.
Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.
For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.
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