Sri Lanka LOLC Holdings net up 440-pct in March

ECONOMYNEXT – Sri Lanka’s LOLC Holdings, which has interests in financial services, leisure and property, including foreign operations has reported profits of 39 billion rupees for the March 2022 quarter, up 442 percent from a year earlier.

LOLC has foreign operations and the Sri Lanka rupee fell steeply in March.

The group reported earnings of 82.80 rupees per share for the quarter. For the year ending March 2022, 61 billion rupees.

In the March 2022 quarter LOLC Holdings’ interest income grew 7 percent to 26 billion rupees interest expenses grew 48 percent to 17.7 billion rupees, and net interest income fell 32 percent to 8.4 billion rupees.

Revenues from other businesses grew 69 percent to 18.7 billion rupees, cost of sales also grew 65 percent to 13.7 billion rupees and gross profits were up 84 percent to 4.9 billion rupees.

Net impairment was 6.2 billion rupees, down from 6.8 billion a year earlier.

Operating profits were 31.4 billion rupees compared to 7.4 billion rupees a year ago.

Recently it bought Key Microfinance Bank Plc in Kenya.

LOLC said it is planning acquire micro financier in Egypt that has 15 branches across the East African nations. (Colombo/May31/2022)