Lanka Credit and Business Finance wins ‘Fastest Growing Non-Banking Financial Firm in SL’

At the Global Economics Awards 2021, Lanka Credit and Business Finance Ltd. was the recipient of the ‘Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021’ award.

CEO/Executive Director K.G. Leelananda stated that the immense guidance, proper directions and active participation were the driving forces of the Board of Directors that led to the achievement of the said award whilst considering its past financial statements as well, which also reflected all of the efforts that had been put forth in taking the company to greater heights. “This is still a journey and not a destination for the company.”

The Board of Directors, the corporate management and all staff members were able to maintain the profitability and liquidity of the company, enduring the impact of the COVID-19 pandemic whilst granting the debt moratorium and other relief measures to affected customers as per the circulars issued by the Central Bank of Sri Lanka, all of this contributed towards achieving this award.

Commenting on the historical back ground of the company he stated that in the year 2018 they acquired the sick City Finance Corporation Ltd., having changed its name to Lanka Credit and Business Finance Ltd. with the due approval of Central Bank of Sri Lanka, which was subject to among others to the repayment of the deposits of the acquired company which is now reaching the ending stage. After the acquisition of the license of City Finance Corporation, Lanka Credit and Business Finance is operating as a strong and a profitable venture.

Leelananda also stated that Lanka Credit and Business Finance won the ‘Emerging Finance Company of the Year’ Award at the fourth edition of the South Asian Business Awards – 2019. 

He mentioned that despite the prevailing vulnerable economic conditions due to the pandemic, their holding company Lanka Credit and Business Ltd. was successful in providing fresh capital to meet the current prudential core capital requirements of the Central Bank of Sri Lanka. The company is now progressing to have its shares listed on the Colombo Stock Exchange, with a view to complying with the direction of the CBSL to meet the future core capital of Rs. 2.5 billion before the target date of 1 January 2022.

Commenting on the financial condition of the company he stated that the company recorded a remarkable growth during the period 2020/2021 under the current economic background. As at end April 2021 the total capital funds reached Rs. 2,175 m, the capital adequacy ratio was 51.78%, total assets amounted to Rs. 3,747 m and the total credit portfolio reached Rs. 2,515 m.

He mentioned that since the beginning of this year, operating efficiency at the branches and at the Head Office had improved significantly, consequent to the adoption of the new core banking system,

He noted that he was grateful to the Board of Directors for its guidance towards the conduct of business activities of the company and the stakeholders for the trust placed in the company that led to achieving the above stated awards. 

He also indicated that recognition of the company to grant the aforesaid award by the Global Economics UK would in turn enhance the reputation of the company among their valued customers and expressed his appreciation of the contributions made by the staff members of all grades towards the growth of the company.