LB Finance records significant growth in PAT by 73% in 1Q 2015

LB Finance PLC recorded a profit after tax of Rs. 775.8 million compared to the Rs. 449.0 million recorded in the first quarter of 2014, a substantial growth of 73%. Net interest income rose by 23% to record Rs. 2 billion compared to the Rs. 1.6 billion recorded the previous year first quarter. 

The total operating income grew to Rs. 2.3 billion compared to 1.9 billion achieved over the corresponding quarter of the previous year, a 22% increase. Total assets have reached Rs 70.0 billion compared Rs. 67.5 billion in 1Q 2014. Total shareholder funds rose up to Rs. 8.7 billion which is a 10% growth compared to the first quarter of the previous year.

“I would like to express my gratitude to the customers and investors for their loyalty and confidence placed in the company. You placed us in this pre-eminent position we are in today,” said Sumith Adhihetty, Managing Director of LB Finance PLC.

LB Finance PLC is a trail blazer in the financial services industry in Sri Lanka. The company was established in 1971 and through the years has built a strong reputation as one of Sri Lanka’s most trusted financial organisations. With a total deposit base of over Rs. 45 billion, LB Finance is proud of the trust placed by the general public making Company the largest non-banking deposit mobilise in the country. 

The company also offers a variety of other services including leasing, factoring, hire purchasing, micro finance, mortgage loans and gold loans. LB Finance is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011.