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LB Finance net profits up 75 percent to Rs. 360 m

Healthy growth in most financial indicators:

LB Finance PLC recorded Rs 359.6 million profit after tax in the Financial Year ended March 31, 2009 compared to Rs 205.8 million the previous year which reflects significant growth.

In its annual report Chairman of LB Finance B.M. Amarasekera said despite the numerous challenges the company has posted a healthy growth in most financial indicators. The company’s turnover grew by 28 percent to Rs 3,558 million and net profits by 75 percent to Rs 360 million, he said.

B. M. Amarasekera, Sumith Adhihetty

The deposit base grew by 31 percent and the total assets of the company by 30 percent. The company is expanding its presence around the island with several branches being opened and a substantial investment has been made in technology improvements across the company.

Managing Director of LB Finance Sumith Adhihetty said, “We continued to strengthen our asset quality and placed great emphasis on credit and asset management given the prevailing economic conditions during the year. Being proactive in our lending policy and in setting lending mix together with sound recovery practices, reduced the loan loss provision to Rs 80 million and the NPL ration further improved to 1.70 percent.

The total lending assets as at the end of the year increased to Rs 11,841 million from Rs 9,062 million. Microfinance was given a significant place in the company’s lending activities during the year. We expanded our microfinance arm specially in the agro finance area during the year in addition to our other lending activities, he said.

The deposits performed tremendously well during the year, and the deposit base rose from Rs 7,309 million to Rs 9,558 million.

The company issued unsecured, subordinated, listed debentures to raise Rs 450 million during the year and even in a difficult environment the issue was oversubscribed, he said.

“We are looking forward to new opportunities in the north and east and will continue to invest in developing human capital and IT.


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