LOLC finance units outside Sri Lanka brings most profits


By Roy Silva

Sri Lanka’s LOLC group, which has interests in finance, agriculture and leisure, said its micro finance units in East Asia brought 12.7 billion rupees in profit after tax, with the group reporting consolidated profit after tax of 10.7 billion rupees.

LOLC said total assets in foreign units were 560 billion rupees, with a loan portfolio of 450 billion rupees and a deposit base of 280 billion rupees.

LOLC is determined to further penetrate the Asian markets whilst exploring opportunities in other regions such as Africa.

LOLC started foreign investments with buying a 19 per cent stake in PRASAC Microfinance Institutional Limited in Cambodia, a dollarized economy, investing 62 million rupees.