LOLC Finance

LOLC Finance PLC
Company typePublic
ISINLK0392N00007
IndustryFinancial services
FoundedDecember 13, 2001; 23 years ago (2001-12-13)
Headquarters
Rajagiriya
,
Sri Lanka
Number of locations
219 (2023)
Key people
  • Conrad Dias (Chairman)
  • Krishan Thilakaratne (Executive Director/CEO)
RevenueIncrease LKR69.027 billion (2023)
Increase LKR20.312 billion (2023)
Decrease LKR15.393 billion (2023)
Total assetsIncrease LKR360.848 billion (2023)
Total equityIncrease LKR100.808 billion (2023)
Number of employees
Decrease 4,273 (2023)
ParentLOLC Ceylon Holdings PLC
Websitewww.lolcfinance.com
Footnotes / references
[1]

LOLC Finance PLC is a non-banking financial company based in Sri Lanka. LOLC Holdings is the ultimate parent company of LOLC Finance. The company was founded as LOLC Finance Company Limited in 2001. In 2003, the company changed its name to Lanka ORIX Finance Company and commenced operations. Lanka ORIX Finance Company became a public company in 2011 with its listing on the Colombo Stock Exchange. The company adopted its current name in 2015. LOLC Finance is one of the LMD 100 companies in Sri Lanka. The company is also one of the 100 most valuable brands in the country. LOLC Finance has been a constituent of the S&P Sri Lanka 20 Index since the end of 2021. LOLC Finance merged with its sister company, Commercial Leasing & Finance PLC in 2022. The merger resulted in LOLC Finance becoming the largest non-banking financial company in the country.

History

The company was incorporated in 2001 as LOLC Finance Company Limited.[2] LOLC Finance Company obtained a licence from the Central Bank of Sri Lanka as a finance company in the following year. The company changed its name to Lanka Orix Finance Company Limited and commenced operations in 2003. The company launched its Shariah-compliant banking unit LOLC Al-Falaah in 2008.[3] Lanka Orix Finance Company was listed on the Colombo Stock Exchange on 7 July 2011. Lanka ORIX Leasing Company sold 10% of its stake in the company and was listed on the Diri Savi Board of the stock exchange.[4]

The Central Bank of Sri Lanka introduced its consolidation "Master Plan" of the financial sector in 2014. Under the consolidation plan, the larger non-bank financial companies were encouraged to acquire smaller companies.[5] The Central Bank informed the LOLC Group that the group could not continue with more than two 'A' category financial companies. The LOLC Group planned to merge Lanka ORIX Finance Company with the group's microfinance firm, LOLC Micro Credit Limited.[6] The company joined the electronic fund transfer network LankaPay in 2015.[7] Lanka ORIX Finance changed its name to LOLC Finance at the end of 2015.[8] The proposed merger of LOLC Finance and LOLC Micro Credit realised in 2018.[9]

Operations

LOLC Finance was ranked 49th in the LMD 100 list in 2023. It was a 15-place drop for LOLC Finance from the last year. LMD 100 lists public companies in Sri Lanka by revenue annually.[10] LOLC Finance is one of the 100 most valuable brands in Sri Lanka. Brand Finance has estimated the brand value of LOLC Finance to be LKR7,031 million and ranked the company 20th in its 2022 annual rankings.[11] LOLC Finance was included in the S&P Sri Lanka 20 Index at the 2021 yearend index rebalance.[12] In January 2022, LOLC Finance merged with its sister company, Commercial Leasing & Finance. Before the merger, Commercial Leasing acquired and merged with Sinhaputhra Finance PLC.[13] The merger resulted in LOLC Finance becoming the largest non-banking financial company in the country.[14] The shareholders of LOLC Development Finance, another fellow subsidiary of LOLC Finance, approved the resolution of the amalgamation of LOLC Development Finance with LOLC Finance.[15]

Finances

Ten-year financial summary
All figures are in LKR (mns)
Year Revenue Operating income Profit Assets Equity
2023 69,027 20,312 15,393 360,848 100,808
2022 30,570 19,580 16,951 311,567 83,553
2021 33,762 5,053 4,366 170,109 35,889
2020 38,082 4,772 3,780 191,888 31,290
2019 42,663 8,497 5,963 211,035 22,767
2018 23,818 2,434 2,201 211,114 17,106
2017 18,450 2,541 1,587 122,623 11,026
2016 13,138 2,296 1,427 110,385 9,198
2015 10,871 2,467 1,484 67,862 7,994
2014 10,516 1,612 1,000 53,432 6,534

Source: Annual Report, 2022/23 (pp. 190–191)[1]

See also

References

  1. ^ a b "Annual Report 2022/23" (PDF). cse.lk. LOLC Finance PLC. Retrieved 24 September 2023.
  2. ^ Dissanayake, Saruchi (30 September 2002). "LOLC targets further growth this year". Daily News. Associated Newspapers of Ceylon Limited. Retrieved 28 January 2023.
  3. ^ Senewiratne, Hiran H. (10 June 2008). "LOLC launches Shari'ah compliant financing". Daily News. Associated Newspapers of Ceylon Limited. Retrieved 28 January 2023.
  4. ^ "Lanka ORIX Finance begins trading today". Daily FT. Wijeya Newspapers. 7 July 2011. Retrieved 29 January 2023.
  5. ^ "CB unveils finance sector consolidation 'Master Plan'". Daily Mirror. Wijeya Newspapers. 20 January 2014. Retrieved 29 January 2023 – via PressReader.
  6. ^ "Two mergers on the cards". Daily Mirror. Wijeya Newspapers. 1 December 2014. Retrieved 29 January 2023 – via PressReader.
  7. ^ "LOFC joins LankaPay's electronic fund transfer network". Daily FT. Wijeya Newspapers. 23 March 2015. Retrieved 29 January 2023.
  8. ^ "Orix Finance to change name to LOLC Finance". Daily Mirror. Wijeya Newspapers. 26 August 2015. Retrieved 29 January 2023 – via PressReader.
  9. ^ "Update on acquisition and merger of LOLC Micro Credit Limited with LOLC Finance PLC" (PDF). icralanka.com. ICRA Lanka. 2018. Retrieved 29 January 2023.
  10. ^ "LMD 100". lmd.lk. Media Services Pvt Ltd. 2023. Retrieved 29 January 2023.
  11. ^ "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. 2022. p. 15. Retrieved 29 January 2023.
  12. ^ "S&P Sri Lanka 20 index includes Commercial Leasing, LOLC Finance". Economy Next. Echelon Media. 18 December 2021. Retrieved 29 January 2023.
  13. ^ "NBFIs getting nimbler". Daily FT. Wijeya Newspapers. 1 February 2022. Retrieved 29 January 2023.
  14. ^ "ICRA Lanka reaffirms the issuer rating of LOLC Development Finance PLC". icralanka.com. ICRA Lanka. 22 June 2022. Retrieved 29 January 2023.
  15. ^ "To approve the amalgamation of the company with LOLC Finance PLC" (PDF). cse.lk. LOLC Development Finance PLC. 26 January 2023. Retrieved 29 January 2023.

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