LB Finance honoured with 2 Gold awards and Silver award at 53rd CA Sri Lanka Annual Report Awards

• Clinches Gold Award in Finance Companies and Leasing Companies category 

Reinforcing the company’s prowess in financial disclosure, LB Finance clinched two coveted Gold awards and a Silver award at the 53rd CA Sri Lanka Annual Report Awards Competition held at the BMICH recently. 

Recording a compelling achievement, LB Finance won the Gold award in the Finance Companies and Leasing Companies category for the first time. The company also won the Gold award for ‘Integrated Reporting: Best Disclosure on Capital Management’ for the second consecutive year beating blue chip companies and the overall Silver Award for ‘Integrated Reporting’. 

Chartered Accountants of Sri Lanka (CA Sri Lanka) organises the Annual Report Awards competition to set the benchmark in promoting transparency, accountability and good governance among organisations in Sri Lanka while honouring those companies for effectively communicating information to stakeholders. 

Responding to a request to voice his thoughts on the achievement, LB Finance PLC Managing Director Sumith Adhihetty commented that these three awards are a tribute to their consistent commitment to upholding responsible business practices, good governance, transparency and their dedication towards sustainable growth through serving the community and the stakeholders. 

Winning the sector Gold award in particular is a great achievement and this recognition honours them and it is a point of encouragement to continue their corporate quest to create value for all their stakeholders and the community through striving for sustainable growth.

Further he said that in line with the vision to continuously improve business processes and increase transparency, LB Finance is planning to invest heavily in developing technological capability to develop more efficient, technology based systems to enable them to tap into emerging markets in the ever evolving financial services industry.

Over the years the judging standards of CA Sri Lanka awards have reached a level where strict compliance with legislative requirements and accepted accounting best practices as well as consistency in reporting have become essential ingredients in effective financial disclosure. 

One of the leading Non-Bank Financial Institutions (NBFI) in Sri Lanka, LB Finance joined the league of Rs. 100 billion asset base in the NBFIs as the third financial institute to achieve this particular milestone.  During the financial year 2016/17, L B Finance posted a praiseworthy profit before tax on financial services of Rs. 6.9 billion in the Non-Bank Financial Institutions (NBFI) sector. 

The company’s tax contribution to the Government during the year was one of the highest ever at Rs. 2.73 billion. The successful and inspiring journey (46 years) of LB Finance has been one marked with integrity, transparency and strong business ethics. 

In line with the company’s vision to create value for all stakeholders, LB Finance is committed to offering stable and progressive financial services to its customers while adding further value to those services with customised financial solutions coupled with accurate and transparent information to empower each customer to make an informed decision. 

The company’s long-term vision and current practices focus on integrating best economic, environmental and social practices on par with global standards to contribute to the national cause of creating a harmonious and a beneficial society where all communities can find solutions to specific issues and lead prosperous and sustainable lives. LB Finance has already taken strategic and innovative steps to envision and implement a sustainable future for all stakeholders through wealth creation and viable growth.