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
JAT Holdings celebrates the 6th Pintharu Abhiman Convocation, uplifting over 800 painters through NVQ certification
JAT Holdings PLC marked a significant milestone with the successful conclusion of the 6th JAT Pintharu Abhiman Convocation, recognising more than 800 painters who have earned their NVQ Level 3 qualification, an internationally recognised professional certification delivered in partnership with the National Apprentice and Industrial Training Authority (NAITA).
JAT Pintharu Abhiman was established to uplift Sri Lanka’s painter community through structured skills development, professional recognition and stronger earning potential. This year’s graduating cohort reflects the programme’s expanding reach and the tangible changes it continues to deliver for individuals, families and communities.JAT in collaboration with NAITA has streamlined the certification process such that what would traditionally take up to six months has been refined into an efficient and high-impact three-day assessment model. This approach ensures painters can obtain their qualification without sacrificing extended periods of work, while JAT fully absorbs the certification cost, removing financial barriers and enabling wider access to formal recognition.
Research conducted amongst NVQ qualified participants shows meaningful improvements in livelihoods, with 90 percent reporting increased personal confidence and 76 percent noting an improvement in their overall standard of living. This uplift demonstrates the long-term value of industry-aligned professional training.
A noteworthy moment at this year’s convocation was the recognition of four female painters who received their NVQ certifications. Their achievement marks an important step in broadening female participation in a field that has historically been male dominated, reinforcing JAT Holdings’ commitment to creating inclusive pathways for technical development and sustainable employment.
Speaking at the ceremony, Mr. Wasantha Gunaratne, Director Sales and Technical (South Asia) of JAT Holdings PLC, said:
“Pintharu Abhiman is fundamentally about development, giving painters the knowledge, structure and recognition they need to progress in their careers. By equipping over 800 painters with an internationally recognised NVQ qualification, we are not only strengthening the technical standards of the industry but also creating real pathways for entrepreneurship and financial independence. It is especially encouraging to see that one in five certified painters have already begun building their own businesses. These are the outcomes that matter because they show that when we invest in skills, we unlock opportunity. JAT remains committed to expanding these avenues so every painter has the chance to grow, lead and build a sustainable future.”
The 6th JAT Pintharu Abhiman Convocation underscores JAT’s continued dedication to uplifting the painter community, enhancing industry standards and supporting national skills development through accessible, professionally recognised qualifications.
Business
Industry bodies flag gaps in Draft National Electricity Policy
The Ceylon Chamber of Commerce, together with the American Chamber of Commerce, Exporters Association of Sri Lanka, Federation of Renewable Energy Developers, Joint Apparel Association Forum, National Chamber of Commerce of Sri Lanka and Sri Lanka Association for Software and Services Companies, has submitted joint observations on the Draft National Electricity Policy, highlighting that several key issues have not been adequately addressed.
Whilst recognizing the need for reform in the electricity sector, the submission flags several gaps in the draft policy that require closer attention. Key areas such as affordability, decarbonisation commitments, incentives for renewable energy, competition, and the long-term financial health of the sector are either missing or not addressed in sufficient depth.
The proposed tariff revisions outlined in the draft energy policy raise concerns, particularly regarding the removal of cross-subsidies and the proposal to restrict subsidies exclusively to households consuming less than 30 kWh per month. Without detailed analysis, these measures could weaken access to sustainable and affordable energy and potentially lead to fiscal risks.
The provisions allowing uncompensated curtailment, removing feed-in tariffs, and imposing mandatory time-of-use tariffs on rooftop solar users could make renewable energy projects un-bankable for international lenders, thereby increasing the cost of capital for Sri Lanka.
Calling for a more future-focused approach, the submission stresses the need for a policy that reflects modern electricity systems, including planning for the energy transition, energy storage, market competition, cross-border electricity trading, and emerging technologies.
The Chambers and Associations request a comprehensive revision of the Draft National Electricity Policy, alignment with the Electricity Act, and resubmission following substantive consultation, and reiterate support to engage constructively with policymakers to shape a policy that supports affordability, investment confidence, and Sri Lanka’s long-term energy security.
Business
Bank of Ceylon partners with 36th APB Sri Lanka Convention
Bank of Ceylon (BOC) partnered with the 36th Annual Convention of the Association of Professional Bankers (APB) Sri Lanka, reaffirming its commitment to promoting professional excellence and knowledge sharing within the banking sector. The partnership was officially handed over by Sameera D. Liyanage, Chief Marketing Officer of Bank of Ceylon and M. R. N. Rohana Kumara, Deputy General Manager Business Revival Unit of Bank of Ceylon, reflecting BOC’s focus on empowering banking professionals and supporting the sustainable growth of Sri Lanka’s financial services industry.
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