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LOLC Group records Rs. 4 b 3Q profit, Rs. 45 b for 9 months - Adaderana Biz English

LOLC Group records Rs. 4 b 3Q profit, Rs. 45 b for 9 months
February, 16, 2021
LOLC Holdings PLC (LOLC) releasing its nine-month results has recorded a PAT (profit after tax) of Rs. 45 billion after adjusting for corporate tax on a PBT (profit before tax) of Rs. 48 billion.
The group recorded Rs.4 billion as profits for the third quarter, a healthy performance considering the COVID-19 pandemic situation negatively affecting the financial services and leisure sector directly and other sectors indirectly. The profit attributable to equity holders was Rs.3.42 billion up from Rs.1.46 billion a year ago.
The Group’s Financial Services Sector contributed Rs. 3.5 billion as profits, and these results were achieved allowing a strong level of risk mitigating provisions amounting to Rs. 23 billion (Rs. 10.3 billion in 2019) for bad and doubtful debts being made, over and above the regulated levels. Conservative provisioning was made considering the potential risks arisin ....

Sri Lanka , Sierra Leone , Kapila Jayawardena , Sunbird Bio Energy Ltd , China Harbour Engineering Company Limited , Myanmar Microfinance Ltd , Group Financial Services Sector , Browns Investments , Maturata Plantations Ltd , Financial Services , Colombo International Finance Centre , Mgroup Financial Services , Development Finance , Life Assurance Ltd , Lolc Holdings , Insurance Ltd , Hotels Lanka , Financial Services Sector , Micro Finance Ltd , Non Financial Services , Assurance Ltd , Power Generation , Serendib Leisure , Investment Arm , Mixed Development Project , Colombo Port City ,

Sri Lankan envoys meet with industry professionals in South India

The mission officials made a comprehensive presentation on trade, investment and tourism opportunities available in Sri Lanka Business opportunities in legal, film and investment sectors explored Sri Lanka Deputy High Commission in Chennai recently organised a business interaction session with industry professionals who operate in legal, film and investment sectors in South India. The […] ....

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JKH, BI, Expolanka contribute more than 70% to ASPI

By Hiran H.Senewiratne Trading activities of the Colombo Stock Exchange (CSE) were bullish yesterday where JKH, Browns Investments and Expolanka contributed more than 70 percent or 60 points to the All Share Price Index (ASPI), stock market analysts said. Both indices moved up; ASPI by 84.1 points and S and P SL20 by 31.5 points. […] ....

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Institutions face penalties for non-compliances with provisions of FTRA

Accordingly, as the regulator for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) in the country, the FIU imposed penalties amounting to Rs. 2.3 million in total for the period from 01.06.2020 to 31.12.2020 to enforce compliance on Financial Institutions. The Monetary Board of the Central Bank of Sri Lanka decided to publish the […] ....

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Iconic Developments announces completion of Iconic Galaxy main structure

Leading infrastructure and property developer, Iconic Developments, announces the completion of the main structure of its latest high-end modern self-contained luxury living space, the Iconic Galaxy, situated in Rajagiriya’s upscale locality. Internationally minded and locally inspired, the apartment complex is constructed and designed to the ‘pulse’ and ‘texture’ of Rajagiriya, imbibing the culture and the […] ....

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