Lasco Financial Reports A Hit To Loan Business. Remittances & Cambio Strong – Sep 2020 (Q2) Results

• Operating Revenue of $616.71m vs $653.67m (-5.65%)
  Loans at their subsidiary loan company (LASCO Microfinance Ltd) down by $152.2 million, a reduction of 34.5% (effects of the pandemic). However this was offset by increases in Remittances and Cambio revenues
• Net Income of $135.91m vs Loss of -$16.37m last year
  Profits up due to the very good management of expenses by management, resulting in a 32% reduction of Selling & Promotion expenses – saving $161m vs the prior year

• Loans and Advances was $1.62b vs $2.64b (-38.39%)
  Loan business continues to suffer the effects of the pandemic. Additionally management focused more on assisting existing customers with moratoriums and cash preservation… than on lending

The company also announced that

• LASF has been approved by the Bank of Jamaica to pilot its new service LASCO Biz within the Regulatory Sandbox.

  Through LASCO Biz, LASF will give access to an eCommerce platform, allowing merchants to accept card payments electronically on a website or through the use of payment buttons. The platform will also benefit businesses as it will provide them with simplified inventory management and financial statements. Upon full approval, LASF will make the service available to the general public.

This is just a summary. For more charts, ratios and other details visit LASF’s page here