LOLC Group recorded PBT of 24.4bn and PAT of Rs. 20.9bn, an increase of 106%and 124% respectively, compared to the previous year. The consolidated gross income grew by 37% to Rs. 92Bn, while the interest income from financial services grew by 41% to Rs. 55bn. The total assets of the Group increased to Rs. 641bn, a growth of 69% over last year.
Despite external challenges, the Group’s resilient financialsector, led by the key players, LOLC Finance PLC (LOFC), Commercial Leasing and Finance PLC (CLC), LOLC Micro Credit Ltd (LOMC) and BRAC Lanka Finance PLC (BRAC) delivered a consistent strong financial performance. Of the Group’s profit, 81% was derived from financial services, while its strategic investments into the non-financial sectors.,Leisure, Plantations, Construction, Health care, Trading & Manufacturing, complemented the growth. This diverse portfolio spread over a multitude of growth sectors has made LOLC one of the largest conglomerates in the country.
This year, in recognition of LOLC’s distinctive microfinance model, State Government of Pakistan and the Sultanate of Oman, invited LOLC to take up the major shareholding of their joint venture – Pak Oman Bank Pakistan.Through its new partnership with LOLC, Pak Oman Microfinance Bank hopes to capitalise on the specialty of LOLC’s uniqueMicrofinance model which transforms and enables Micro businesses to become Small and Medium level enterprises through sustainable industrialization.
Aligning itself with the growth sectors of the Sri Lankan economy, LOLC Group has also been a catalyst in the development of the Non-Financial Sector through Brown and Company, a 142-year old conglomeratewith exposure in leisure, agriculture& plantation, power generation, marine and manufacturing, home and office solutions, pharmaceuticals and healthcare.