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 arising from the pand