LCB Finance to list on CSE soon

Lanka Credit and Business Finance Ltd., (LCB) has announced plans to list their organisation on the Colombo Stock Exchange (CSE) shortly. 

“LCB Finance is preparing for the next milestone in our journey by listing our shares in Colombo Stock Exchange through an IPO. We have already initiated and partly completed the listing process through our Advisors to the listing, NDB Investment Bank,” LCB Executive Director and CEO K.G. Leelananda said.

It has also appointed Law Firm, F.J. & G. de Saram as Legal Advisors and Sampath Bank PLC as the banker to the IPO.

LCB is a unique financial institution. It was born out of a grassroot level which has spread its roots across the length and breadth of the island. LCB has been awarded ‘Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021’ at the Global Economics Awards 2021 in UK. It is a unique financial institute committed to uplifting the standards of living for low-income earners with its range of micro finance products. It was also recognised as the ‘Emerging Finance Company of the Year 2019’. 

The clientele of the company, among others, consists of farmers, fisherman, vendors, labourers and small business owners, making them truly a people’s development financial institution. 

“Over the past three years we have made of collective effort and a focus on overall betterment of communities. The signature of that trust is deeply ingrained in the business framework of the firm. We cater to the needs of individuals across all categories of the economy. The overall logic of operations is strongly inspired by and flavoured with the idea that challenges are best met collectively and that such an approach adds value to individual effort,” Leelananda  said.

At the end of the financial year ending on 31 March, LCB achieved a core capital of Rs. 2.16 billion whilst the Capital Adequacy ratio was 58%.

The company posted a Profit Before Tax of Rs. 100 million. Operating profit was Rs. 122 million. Total assets amounted to Rs. 3.67 billion. It has a credit portfolio of Rs. 2.56 billion.

“The Rating Committee of ICRA Lanka Ltd., after due consideration of the latest and rapid development in our company, has revised us from [SL]B stable outlook to [SL]+ Stable,” Leelandanda said.

He said LCB will develop and maintain a permanent customer base and delight their customers by providing high quality, innovative and competitive financial products and services to ensure the highest return possible in the market.

Specialised products/services will be provided to their special customers engaging in sectors such as tourist sector, agriculture sector, educational sector, fisheries sector, micro finance and the co-operative sector. Furthermore, its next step is to advance economic development and fulfil its pledge to contributing to a resilient Sri Lanka. LCB is delighted to contribute towards the empowerment of Small and Medium Enterprises engaged in Agriculture throughout the country to encourage organic fertiliser manufacturing for farmers. 

“We will do so by expanding our existing outreach through the available network and use of modern technology in the financial sector. The new credit scheme and fund allocation for purchase of laptops and mobile phones which includes a significant percentage of school children and a positive consequence for all community involved. To our credit, we will develop and maintain a highly competent, motivated team of employees committed to the achievement of excellence in service leading to the realisation of our main goals of ensuring the financial viability of the institute and national development too,” Leelananda added.