Business
LOLC Finance tops the ‘Most Valuable Consumer Brand’ in the financial services sector
LOLC Finance PLC, the premier Non-Banking Financial Institute (NBFI) in Sri Lanka, has demonstrated exceptional resilience and remarkable growth, a true testament to their resolute dedication and innovative strategies. Positioning impressively on the esteemed Brand Finance Index 2023, the institution has secured a prestigious fourth-ranking position among the nation’s top 10 Fastest Growing Brands, displaying an impressive 18% surge in brand expansion.
The narrative of LOLC Finance’s remarkable expansion owes itself to their proactive stance in furnishing pioneering financial solutions. Their earnest focus on customer-centricity, adaptability, and forward-looking strategies has been pivotal in propelling the ascent of their brand’s worth. This has consequently translated into noteworthy advancements across the entirety of the Brand Index score.
The numerical achievements underscore the profound success achieved by LOLC Finance. Boasting a robust brand valuation of 8.2 billion, the institution has realized a remarkable 18% surge from the preceding year’s 7 billion, culminating in an elevation of their overall brand rating from AA- to AA+. This accomplishment assumes even greater significance when considering the adversities faced by Sri Lankan brands in 2022, a period characterized by a substantial 16% contraction in the combined value of the top 100 brands featured in the ranking. Notably, LOLC Finance is also towering its position as the top most brand within the Financial Services Sector.
LOLC Finance’s stellar growth trajectory and unyielding resilience radiates within a challenging financial landscape, positioning them as a frontrunner in Sri Lanka’s financial services arena.
Their steadfast commitment to delivering resolute value and cultivating trust bears testimony to their positive influence on the nation’s economy. As they persist on their voyage of advancement, the future holds immense promise for LOLC Finance, firmly solidifying their role as a catalytic force within the corporate environment of Sri Lanka.
The Director/ CEO of LOLC Finance PLC, Mr. Krishan Thilakaratne, stated, “Our success story stands as an inspiring testament to the entire industry, showcasing our steadfast dedication to our customers’ needs, flexibility, and forward-thinking approach, especially, following the largest merger of an NBFI in the history of Sri Lankan corporates”.
He continued, “We believe our brand comes with complete substance and value that we bring to the consumer, industry, public and economy at large. The public confidence and industry stability which LOLC Finance brings to the NBFI arena is absolutely vital for the long term progress, evolution and sustainability of the entire industry. At present we are the most dynamic catalyst in the NBFI industry, creating financial inclusion and essential capital to critical productive sectors.”
Remarkable is the consistent trend of LOLC Finance garnering awards, a practice that endures across both local and global levels. Amplifying these achievements is their ambitious digital strategy, aimed at expanding and enriching the digital presence, in combination with their extensive network of 230 branches spanning in the island.
The company is also the largest SME Financier, Personnel and Micro Financier, Islamic Finance service provider, Factoring and Receivable provider and Agricultural Equipment Financier in the industry. LOLC Finance today is the most technologically advanced NBFI with its own home-grown lifestyle payment application ‘Ipay’, its own series of Credit Cards and its own Online and Mobile Banking Services. LOLC Finance also presents an entire range of Lending and Deposit products that an NBFI can offer to its customers.
By attaining a profit of LKR 15.4 Billion during the fiscal year 2022/23, LOLC Finance PLC has secured its position as the second most profitable privately owned financial institution in the nation. Additionally, it contributes to over 20% of the combined assets, liabilities, and equity within the Non-Bank Financial Institution (NBFI) sector.
Brand Finance Lanka, a renowned entity specializing in brand valuation and strategic insights, has just presented its 20th annual assessment of the top 100 most valuable brands in Sri Lanka. This annual review, orchestrated by Brand Finance Lanka, amalgamates tailored market research with publicly accessible financial information, resulting in an all-encompassing inspection of Sri Lanka’s brand landscape. The Brands Annual by LMD offers an sophisticated discussion of the approach and evaluation techniques employed for both product and service brands showcased within the index.
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 11 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than a decade. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
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