LB Finance counts 10 new branches in one day

Thursday, 25 August 2011 00:00 - - {{hitsCtrl.values.hits}}

Financial powerhouse LB Finance continues its thrilling island-wide expansion strategy with the launch of 10 new branches island-wide — all in one go! The 40 year-old company is now loudly hailed as the capital harbinger of the industry, launching a variety of exciting new services during the past year as well as opening branches which now include the new offices located at Wennappuwa, Elpitiya, Kotahena, Sea Street, Matale, Mahiyangana, Nelliyadi, Manipay, Kilinochchi and Chavakachcheri.

This comes after LB Finance announced an increase in net profits for the June 2011 quarter of 94% to Rs.351 mn from a year ago, and interest income which rose 41% to Rs.1.56 bn. Net interest income rose 42% to almost Rs.800 mn over the same period, while provisions for bad debt and devalued investments fell 44% to Rs.15 mn. Overall, total assets grew from Rs.28 bn to Rs.31 bn as at 30 June 2011.

LB Finance Managing Director Sumith Adhihetty certainly had a lot to smile about as the latest wave of branch openings was announced. ‘At the moment we are driving forward with our main strategy which is to aggressively expand our reach within the island,’ Adhihetty said. ‘I wish to assure our customers that — whatever their financial circumstances — our primary objective is basically to help them grow,” he added

As one of Sri Lanka’s most diversified and fastest-growing companies, LB Finance is leveraging technology to present a range of cutting-edge financial products for all its customers. So whether they are borrowing, investing or saving in the form of fixed deposits, LB Finance offers the same attractive returns as well as the convenience, benchmark service standards and financial security one would expect from a company which recently celebrated four decades in the financial industry. ‘After all,’ continued Adhihetty, ‘there’s a very good reason why so many people are making the decision to join us which goes far beyond our core belief in good old-fashioned customer service.’

Amongst its myriad of financial services, LB Finance is particularly renowned for its revolutionary leasing packages and recently launched LB Finance Factoring, the first within this market sector to introduce a dedicated factoring unit. LB Finance operates through a highly-integrated network of branches offering bespoke solutions through services such as fixed deposits, leasing, hire purchase, microfinance, inland money transfer, gold loans, factoring and other credit facilities.