LB Finance gears to take leasing to North and East
Financial leading light LB Finance is pushing forward with their
nation-wide expansion strategy backed by yet another year of exceptional
performance. The 40 year-old company has continually maintained its
position in the forefront of development in the Sri Lankan financial
sector and now plans to take their services, especially its renowned
leasing services, to the North and East.
LB Finance is famed for its revolutionary leasing packages which are
offered on a wide range of vehicles and equipment.
With all its years of experience in the industry, LB Finance proffers
unmatched expertise when it comes to leasing, which is one of their
strongest domains, and customers can lease private vehicles, commercial
vehicles, three wheelers, motor bikes, trucks and trailers, as well as
machinery, agricultural equipment.
"We believe that it is mutual faith, the customer's faith in us and
our faith in the customer, is what makes our service so attractive, as
well as our flexible terms and conditions which are tailored to match
each customer's ability to meet payment obligations," said Mr. Ravi
Yatawara, General Manager of LB Finance. The company also recently
launched its new Islamic Finance unit, Al Salamah, which also offers
Shari'a compliant leasing to all Sri Lankans as well as a wide range of
other Shari'a compliant financial services such as investment accounts,
trade financing and gold loans.
The company further strengthened its operations with 6 new branch
openings during the financial year ending March 2010. Furthermore,
during the first quarter of the current financial year, LB Finance also
opened its doors in Bandarawela. "Our key goal at the moment is to
aggressively expand our reach within the island and take root in as many
provinces as possible, especially in the post-war period of recovery and
growth," said Mr. Yatawara.
LB Finance recently released its figures for the financial year of
2009/10, recording a 39% growth in net profits after income tax,
consolidating its dominance in the market despite turbulent times in the
industry. With the year's gross income standing at over Rs. 4,130
million, the company also reported a 31% increase in its deposit base to
Rs. 12,490 million as well as a profit before income tax figure of Rs.
878 million, again showing a massive increase of 58% from the previous
year's Rs. 555 million.
Mr. Yatawara stated that these figures are evidence of an exemplary
performance despite negative market sentiments, and credited the
company's sustained extraordinary performance to wise financial
stewardship as well as LB Finance's visionary approach which was
instrumental to the company's growth. "Our success has been built on a
strong foundation of financial stewardship," stated Mr. Yatawara. "We
are staying focused on our passion for what we do and our vision for the
future. Our aspiration is to stay true to our stakeholders and respond
unswervingly to the confidence and trust placed in us by our
depositors."
Mr. Yatawara further stated that the growth strategy LB Finance has
implemented promises to bring even further growth to the company over
the coming year. "We have seen unprecedented growth over the past few
years, and we are pushing forward with ambitious expansion and
innovation strategies that offer more appropriate financial solutions to
an even greater number of the Sri Lankan public."
LB Finance operates through a highly-integrated network of branches
offering cutting-edge solutions through services such as acceptance of
deposits, leasing, hire purchase, microfinance, inland money transfer,
gold loans and other credit facilities. |