Krishan Thilakaratne – Executive Director/Chief Executive Officer-LOLC Finance PLC
LOLC Finance PLC unlocked a new chapter in its business during the financial year 2021/22. The company amalgamated with its sister company, Commercial Leasing & Finance PLC (CLC) under the Non-Banking financial sector consolidation plan announced by the Central Bank of Sri Lanka (CBSL). In the same financial year, Commercial Leasing & Finance acquired Sinhaputhra Finance PLC, one of the oldest Non-Banking Financial Institution (NBFI) in Sri Lanka. These proceedings paved the way for LOLC Finance to become the largest NBFI in the country while driving the entire NBFI sector to reach new pinnacles.
The newly merged LOLC Finance, now has the largest outreach of branch network with a total of 210 branches, an active customer base of over 600,000, total lending portfolio of over LKR. 200 Billion and a deposit base of over LKR. 150 Billion, which accounts for nearly 20% of the entire industry, under one company.
LOLC Finance has been recognized constantly in all brand and techno awards held locally and globally. In the later part of the financial year 2021/22 itself, LOLC Finance was honoured with several prestigious awards; Most Innovative Financial Services Brand Sri Lanka 2021 and Most Trusted Financial Services Brand Sri Lanka 2021 at the Ninth Edition of the Global Brand Awards 2021, Financial Services Brand of the Year at the SLIM-Kantar Peoples Awards 2022,
Gold awards for NBFI of the Year for Financial Inclusivity, NBFI of the Year for Excellence in Customer Convenience, Financial Institution of the Year for Best Digital Payment Strategy, Best Mobile Application for Retail Payments Via Just Pay (Banks and NBFI), Overall Award Excellence in Inter-Bank Digital Payments (NBFI) and a Merit Award for the Most Popular Digital Payment Product (Banks and NBFI-Mobile Payment App) at the 4th edition of the LankaPay Technnovation Awards by Lanka Clear.
Remarking on the on-going initiatives, the newly appointed Director/ CEO of LOLC Finance PLC, Mr. Krishan Thilakaratne stated;
“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.
In fact, LOLC Finance is not generally compared with the NBFI players anymore, but is on equal footing with the strongest commercial banks in the country in many terms such as capital, capital adequacy, business performance and investor confidence.
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.
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. At present we are the most dynamic catalyst in the NBFI industry, creating financial inclusion and essential capital to critical productive sectors.
We clearly understand our role at this critical junction of the Sri Lankan economy, we need to create more investor confidence within the industry while providing necessary financing to the crucial sectors such as agriculture, exports, manufacturing and industries which will be the life line of a resurgent Sri Lanka. LOLC Finance will stand tall in this endeavour to assist in bringing about economic recovery and prosperity to our motherland”.