LOLC Finance PLC, the premier Non-Banking Financial Institute (NBFI) in Sri Lanka, has demonstrated exceptional resilience and remarkable growth, a true testament to their resolute dedication and innovative strategies. Positioning impressively on the esteemed Brand Finance Index 2023, the institution has secured a prestigious fourth-ranking position among the nation's top 10 Fastest Growing Brands, displaying an impressive 18% surge in brand expansion.
The narrative of LOLC Finance's remarkable expansion owes itself to their proactive stance in furnishing pioneering financial solutions. Their earnest focus on customer-centricity, adaptability, and forward-looking strategies has been pivotal in propelling the ascent of their brand's worth. This has consequently translated into noteworthy advancements across the entirety of the Brand Index score.
The numerical achievements underscore the profound success achieved by LOLC Finance. Boasting a robust brand valuation of 8.2 billion, the institution has realized a remarkable 18% surge from the preceding year's 7 billion, culminating in an elevation of their overall brand rating from AA- to AA+. This accomplishment assumes even greater significance when considering the adversities faced by Sri Lankan brands in 2022, a period characterized by a substantial 16% contraction in the combined value of the top 100 brands featured in the ranking. Notably, LOLC Finance is also towering its position as the top most brand within the Financial Services Sector.
LOLC Finance's stellar growth trajectory and unyielding resilience radiates within a challenging financial landscape, positioning them as a frontrunner in Sri Lanka's financial services arena. Their steadfast commitment to delivering resolute value and cultivating trust bears testimony to their positive influence on the nation's economy. As they persist on their voyage of advancement, the future holds immense promise for LOLC Finance, firmly solidifying their role as a catalytic force within the corporate environment of Sri Lanka.
The Director/ CEO of LOLC Finance PLC, Mr. Krishan Thilakaratne, stated, "Our success story stands as an inspiring testament to the entire industry, showcasing our steadfast dedication to our customers' needs, flexibility, and forward-thinking approach, especially, following the largest merger of an NBFI in the history of Sri Lankan corporates”.
He continued, “We believe our brand comes with complete substance and value that we bring to the consumer, industry, public and economy at large. The public confidence and industry stability which LOLC Finance brings to the NBFI arena is absolutely vital for the long term progress, evolution and sustainability of the entire industry. At present we are the most dynamic catalyst in the NBFI industry, creating financial inclusion and essential capital to critical productive sectors.”
Remarkable is the consistent trend of LOLC Finance garnering awards, a practice that endures across both local and global levels. Amplifying these achievements is their ambitious digital strategy, aimed at expanding and enriching the digital presence, in combination with their extensive network of 230 branches spanning in the island.
The company is also the largest SME Financier, Personnel and Micro Financier, Islamic Finance service provider, Factoring and Receivable provider and Agricultural Equipment Financier in the industry. LOLC Finance today is the most technologically advanced NBFI with its own home-grown lifestyle payment application ‘Ipay’, its own series of Credit Cards and its own Online and Mobile Banking Services. LOLC Finance also presents an entire range of Lending and Deposit products that an NBFI can offer to its customers.
By attaining a profit of LKR 15.4 Billion during the fiscal year 2022/23, LOLC Finance PLC has secured its position as the second most profitable privately owned financial institution in the nation. Additionally, it contributes to over 20% of the combined assets, liabilities, and equity within the Non-Bank Financial Institution (NBFI) sector.
Brand Finance Lanka, a renowned entity specializing in brand valuation and strategic insights, has just presented its 20th annual assessment of the top 100 most valuable brands in Sri Lanka. This annual review, orchestrated by Brand Finance Lanka, amalgamates tailored market research with publicly accessible financial information, resulting in an all-encompassing inspection of Sri Lanka's brand landscape. The Brands Annual by LMD offers an sophisticated discussion of the approach and evaluation techniques employed for both product and service brands showcased within the index.