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LOLC Group achieves first-ever historic profitability in Sri Lanka’s corporate sector, recording a stunning Rs. 57 Bn in PBT
May, 31, 2021
Sri Lanka’s most valuable and globally diversified financial conglomerate, the LOLC Group, posted a record-breaking performance for the financial year ending 31st March 2021, achieving unprecedented bottom line results of Rs. 57Bn in Profit Before Tax (PBT), and a Profit After Tax (PAT) of Rs. 53Bn - a first for any corporate in the country. By achieving profits on this massive scale in the history of Sri Lanka’s corporate world, the Group once again consolidated its position as the top most profitable diversified corporate in the country, three years in a row - establishing LOLC as one of the largest Micro and Small & Medium Enterprises (MSME) platforms in the world.
With many people facing financial difficulties due to the coronavirus pandemic and lockdown, some could be tempted to turn to a growing breed of providers who offer the chance to access pay early.
Salary advance schemes let users take a portion of their wages before their payday to help them if they are caught short – but it often comes at a cost to either a worker or their employer.
The cost and the risk of being short in future because you spent money you need early is a downside.
However, this is very different to payday lending with its sky-high interest rates, however, salary advance instead aims to smooth earnings, can let people simulate being paid weekly instead of monthly, and allow them to access emergency cash.