LB Finance first quarter profits grow by 209%

LB FINANCE recorded a meteoric rise in its fortunes culminating in an unprecedented increase in net profits by 209%, in the first quarter

LB Finance recorded a profit before tax of Rs. 34.4mn this quarter as against Rs. 11.1mn for the same period last year. Income for the same period showed a sharp rise of 56% while operating profits climbed to an increase of 73% paving the way for the massive increase in net profits.

The company's growing status as a premier finance company is demonstrated by the public faith placed in the company in terms of its growing depositor base.

The company's total deposits rose to Rs. 2.9 billion while the share recently traded at a high of Rs. 80.00. The company's emergence as a top-runner stems from a series of bold operational changes introduced as the company's new think-tank unleashed its ambitious and far-reaching action plan.