Lanka Credit and Business Finance plans CSE listing in March

Tuesday, 23 February 2021 00:58 - - {{hitsCtrl.values.hits}}

LCB Finance employee welcoming State Minister Ajith Nivard Cabraal

LCB Finance CEO and Executive Director K.G. Leelananda addressing the business forum

Lanka Credit and Business Finance Ltd. last week announced plans for a listing on the Colombo Stock Exchange (CSE) in March.

LCB Finance CEO and Executive Director K.G. Leelananda said that this is being done to broad base the ownership of the company.

“Through the listing of LCB Finance’s shares on the market stakeholders could also see better returns. We also want to give out a message that listing of the shares is the way forward,” he added.

He was speaking at a ceremony held at Lighthouse Hotel Galle recently with prospective investors. Leelananda said that they hope to increase their asset base from Rs. 3.4 billion to Rs. 4 billion soon, despite the uncertain economic condition caused by the COVID-19 pandemic.

He also said that LCB Finance was making profits and posted a net profit after tax of Rs. 71 million in the last nine-month period. “The current total loan portfolio as at 31 January was Rs. 2.3 billion, Risk-weighted Capital Adequacy ratio 35.8% and Core Capital Rs. 1.8 billion. LCB Finance was formed in the Southern Region in 2016 and we also want to give out a message that listing of shares is the way forward. During the year 2020, we invested over Rs. 100 million to adopt new software to enable e-finance and this year we hope to move into ATM sharing.”

He also spelt out plans for smart phone accesses to their customers to LCB Finance.

Minister Ramesh Pathirana, State Minister Ajith Nivard Cabraal, State Minister Mohan Priyadarshana De Silva, Mayor Galle Municipal Council Priyantha G. Sahabandu, NDB Investment Bank Head of Corporate Advisory Nilendra Weerasinghe and LCB Finance CEO and Executive Director K.G. Leelananda launching the website of the newest finance system