LOLC Finance notches deposit base surpassing Rs. 180 bn

LOLC Finance PLC unlocked successes in many fronts while they stepped in to a new era, as the largest Non-Banking Financial Institution (NBFI) of the country in early 2022. During a background where the country’s economy was already in a fragile state, achieving an impressive deposit growth reflects the strong brand acceptance and reputation relished by LOLC Finance in the industry, an LOLC Finance press release said.

The release adds: ‘The merger of LOLC Finance PLC with Commercial Leasing & Finance (CLC) PLC, another subsidiary of LOLC Group, transformed LOLC Finance into the largest Non-Banking Financial Institution (NBFI) in Sri Lanka, enhancing their brand equity further more with an ICRA (A) STABLE rating.

‘LOLC Finance now holds 20% of the industry asset portfolio reflecting boundless potential for growth and expansion with an asset base of Rs. 333 Bn at the end of September 2022, which puts it on par with the large banks, offering an insight into the brand equity and scale of the merged entity today.

‘LOLC Finance also happens to be the leading and the biggest NBFI in terms of deposit mobilization. The Deposit base of the merged entity reached Rs. 180.8 Bn while the capital base reached 86.7 BN at the end of September 2022. The most important factor in this growth was the convenience offered to customers by continuing with uninterrupted and reliable solutions, through staying resilient amidst the challenging situations.

‘Sharing thoughts on the success story of the merged entity, Ms. Roshani Weerasekara, Head Liability Management of LOLC Finance stated, “Our superiority and expertise within the Savings and Fixed Deposits business unit draws from the unique customer servicing we provide to our customers together with our tailor made solutions.

‘We understand that our customer constituencies, are built with specific and diverse needs. Thus, we always fine-tune our position in the industry through finding solutions for these customer needs, through innovations. Strategically we define sectors, define products in to sectors, revisit product offerings, and develop marketing strategies while identifying key metrics to be applied.

‘Through LOLC wealth unit, we provide tailored solutions and services to our VIP clients. On the other hand, through our stretched distribution network, we mobilize granular deposits.

‘Our success story remains at how we retain our existing customers while we keep growing our deposit base. We are mastering the concept of creating options for our depositors in terms of attracting them. Customer retention ratio of LOLC Finance reflects the public perception of the company as a reliable and a trustworthy financial service provider at a period in which most of the other financial services were finding it extremely difficult to grow their depositors.

‘We are an innovative and a modern entity focused on making customers for life. At present, LOLC Finance is serving private investors, small and medium scale businessmen, public funding agencies, non-profit investors as well as personal investors. We also offers an array of services ranging from minor to senior across the board meeting all customer requirements timely”.

‘The merged entity, LOLC Finance grew from 134 to 210 branches, covering every depth and corner of the country. Customers of LOLC Finance are now extended with an extra convenience and closer access to more branches island wide. Earlier, LOLC Finance and CLC catered to two different market segments, which is now mounting to a competitive advantage, where customers from both entities are served with a value addition.