Friday Sep 20, 2024
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Tuesday, 18 December 2018 00:00 - - {{hitsCtrl.values.hits}}
Strengthening its reputation as a company well-versed in financial disclosure, LB Finance Plc won a Gold Award and a Silver Award at the recently concluded 54th CA Sri Lanka Annual Report Awards 2018.
The awards ceremony was held at Shangri-La Hotel, Colombo on 4 December. The competition recognises companies’ prowess in financial disclosures, aiming to standardise and improve the quality of the individual companies’ disclosures.
Consistently recognised at the awards ceremony over the years, this year LB Finance Plc won the Gold Award in the Finance Companies and Leasing Companies (Total Assets above Rs. 20 Bn) category for the second consecutive year, as well as the Silver Award for ‘Integrated Reporting: Best Disclosure on Capital Management’.
Through this competition, Chartered Accountants of Sri Lanka (CA Sri Lanka) aims to set the benchmark in promoting transparency, accountability and good governance within the competing companies and in the industries, while recognising effective communication of information to stakeholders.
LB Finance Plc Managing Director Sumith Adhihetty said: “Winning the sector Gold Award for the second consecutive year is a wonderful achievement. Given the strict standards of the competition, the continued recognition of our work through this award gives us the required encouragement to continue our corporate quest to create value for all our stakeholders. These awards are a tribute to the organisation’s commitment to our long-term goal of sustainable business. We believe in responsible business practices, good governance, transparency and sustainable growth through serving the community and stakeholders.”
The judging standards for the awards have consistently and continuously increased, leading to extremely high standards to meet. These standards ensure compliance with legislative requirements and accepted accounting best practices. Additionally, it ensures that consistency in reporting is an essential ingredient in effective financial disclosure.
With a stable 47-year prestigious history of integrity, strong business ethics and transparency, LB Finance Plc is a leading Non-Bank Financial Institutions (NBFI) in Sri Lanka, and it joined the league of Rs. 120 billion asset base in the NBFIs. In 2018/19, LB Finance showcased a resounding growth for the first six months of the financial year as at end-September 2018 with Operating Profit before Tax on financial services recording a 31.7% increase to 4.5 billion from Rs. 3.4 billion for the same period of the last financial year.
LB Finance Plc offers stable and progressive financial services to its customers and continues to add value to the offered services through customised solutions. In addition, the company remains committed to providing accurate and transparent information that is crucial to the customer’s decision-making process. The company’s vision is to integrate the best economic, environmental and social practices as well as to meet global standards in a bid to contribute to the goal of a harmonious and beneficial society. LB Finance Plc focuses on creating a sustainable future for all stakeholders where each customer can find the solutions he or she needs.
