LOLC opens 'three' branches in N and E
Steeped in rich history of 32 years, LOLC's strategic vision and
agility has enabled its Companies to leverage growth opportunities
evolving in the national landscape. With primary business interests in
the Financial Services sector, the LOLC Group - one of the leading Blue
Chip Companies of Sri Lanka - has increasingly shown strong balance
sheet and profit growth over the past few years.
With over 60% of its revenues coming from financial services alone,
LOLC Group is poised to successfully ride the development wave sweeping
across the nation. Its strategic business sense has enabled the Company
to move forward in its vision to uplift the country's Micro and SME
sectors, with special focus in developing the regional economies.
Kapila Jayawardena |
In this context, the LOLC Group has actively focused its attention on
developing the post war, Northern and Eastern landscapes. Speaking,
Kapila Jayawardena, Group Managing Director/CEO of the LOLC Group said,
"In the present post war context, one of the priority efforts at
national level was the development of Northern and Eastern provinces.
Many praiseworthy efforts to develop domestic banking and non-banking
activities, transport and communication, tourism, livestock and agri
business, fisheries, infrastructural upgrade, have taken place in these
regions, which in previous years took much of the brunt of the ravaging
war. Now, the North and East are on a fast tracked developmental phase
towards inclusive growth."
Explaining the importance of private sector involvement in the
national development process, Jayawardena was of the view that the
Central Bank of Sri Lanka has provided far sighted and favorable policy
direction, enabling them to increase their organic business growth in
the regions, thereby, increasingly promoting private sector
participation in national development initiatives.
"The country's road map for development is clear. Especially in the
North and East context, we have seen accelerated infrastructural and
business development initiatives carried out by both the Banking and the
non-banking sectors. Extensive efforts had been made to provide diverse
financial solutions to the people of these provinces. Moreover, by
providing financial accessibility to micro segments of this region, we
have been able to uplift the entrepreneurial activities of the North and
East. We have seen greater integrated efforts by both the private and
public sectors, working in unison, to see the country's regional
landscape developed. This has provided much needed boost to fast track
the country's development plan as a whole. "
Creating linkages between national level development initiatives and
the core businesses of the LOLC Group, Jayawardena expressed the
following; "In this backdrop of rapid national development, we at LOLC,
with our group synergies within and amongst our Companies - namely,
Lanka ORIX Finance PLC, LOLC Micro Credit Ltd., LOLC Factors Ltd,
Commercial and Finance Ltd., Commercial Factors Ltd., Al-Falaah Islamic
Financial Services Unit, and LOLC Insurance Company Ltd., - have paid
close attention to partnering with local and foreign agencies to develop
regional economies. To serve the rural markets we have fast expanded our
footprint, which has now reached a total of 185 locations as at March 31
2012. Out of this, we have established 39 main branches, post office
service centres, Islamic financial services units, factoring outlets in
the North and East, which amounts to over 20% of our total reach. In
addition, we have opened 3 more Lanka ORIX Finance branches last week in
Nelliady, Chunnakam and Chavakachcheri."
"Through our expanding branch network we have provided innovative
financial products and services best suited to customers of these newly
emerged economies. For instance, earlier this year, we introduced an
innovative working capital product named Gold Cheque Financing, where we
looked at providing working capital loans against gold items, providing
a feasible option for entrepreneurs who lack property or vehicles as
collateral.
Similarly, Lanka ORIX Finance has entered into a partnership with
International Fund for Agricultural Development (IFAD) for poverty
alleviation and to improve the economic status of rural communities. In
addition, focusing on our customers from the Islamic communities in the
Eastern Province, we have reintroduced our Shari'ah compliant children's
savings account - Al-Falaah Junior - with many attractive benefits
especially for children of Islamic families." He explained.
Adding further, Mr. Jayawardena said "In expanding our products and
services portfolio, we have made necessary arrangements to provide the
best of our services for our customers; going that extra mile to
understand their specific financial requirements and catering to it."
The LOLC Group recorded Rs. 9.3B PBT for the nine months ended
December last year with excellent growth of 30% compared with the
previous year. The resultant PAT recorded a 31% growth over the last
year at Rs. 7.9B. "Future trends are promising, where we will continue
to maintain sustainable business growth for the long term.
In conclusion, Jayawardena expressed his confidence that Sri Lanka,
in its heightened development phase, is poised to reap long term
prospects for developing the regional economies, especially those in the
war torn areas.
"Economic development efforts together with social and community
development are two vital factors which will take this development
discourse further. By providing the required infrastructural and
technical knowledge and support for the people of the regions to find
solutions for their specific requirements, we are building greater
partnerships and dialogues between people of the communities and
private/public agencies to help take the country forward." he said. |