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Lasco Financial Services Limited, LFSL, more than doubled its quarterly profit for the period ending June 2025, posting earnings of $40.5 million – an increase of 125 per cent over the prior year.
The profit surge was attributed to revenue growth, tighter expense controls, and branch closures, the company stated in its first-quarter results.
“The initiatives implemented to manage expenses during the previous financial year, including the closure of non-performing branches and services, all contributed to lower year-to-date expenses,” said Managing Director Jacinth Hall-Tracey.
Total income rose three per cent to $555.5 million, while expenses declined by the same margin to $470.1 million. As a result, operating profit climbed to $85.3 million, up from $52.3 million a year earlier. Despite the improved profitability, the company’s cash holdings fell to $535 million, compared to $727 million in the June 2024 quarter.
“Both core and non-core services performed according to expectations. The growth-inducing strategies implemented late last financial year are yielding positive results,” Hall-Tracey said.
Loan and interest receivables expanded 30 per cent, reflecting continued growth in disbursements from subsidiary Lasco Microfinance. Long-term liabilities declined to $1.9 billion from $2.2 billion.
Total assets fell year-over-year to $4.3 billion, mainly due to a reduction in trade receivables. However, assets rose five per cent compared to the last financial year end.
Hall-Tracey said Lasco Financial was working to rebuild momentum in its remittance segment, which has yet to recover to pre-September 2024 levels. Still, the company remains cautiously optimistic, citing encouraging results across its business lines.
“We are optimistic about the future periods. We have expectations for continued improvements as we create new key partner relationships,” she said.
In July, Hall-Tracey announced plans to step down as managing director at the end of December, following two decades with the company. She will continue serving the company in an advisory capacity.
“It has been agreed that Mrs Hall-Tracey will now be jointly responsible for operations with Mrs Sharlene Williams, who has been appointed general manager,” Lasco Financial said in a release. “They will work together over the next six months to ensure a smooth transition.”
During Hall-Tracey’s tenure, Lasco Financial acquired the MoneyGram operations from Supreme Ventures in December 2011, and later expanded its microfinance business with the acquisition of Scotia Jamaica Microfinance Company Limited in 2017.
English (US) ·