LB Finance records 81% rise in PAT
Following the opening of its much-awaited Corporate Office in
Colpetty recently, LB Finance PLC recently unveiled another mark of its
success as Sri Lanka's best-established financier; resounding financial
results in the first 9 months of 2011/2012.
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Sumith
Adhihetty |
The company's income rose by 45% over the 9 months, to stand at Rs.
5.596 billion as at December 31, 2011. Propelled by its solid lending
portfolio, Net Interest Income grew by 34% to Rs. 2.622 billion. LB
Finance has consistently recorded massive increases in its profits over
the years thanks to expedited growth and development; following this
course, Profit After Tax grew by a staggering 81% year-on year to stand
at Rs. 1.1 billion as at end-December 2011.
LB Finance Managing Director Sumith Adhihetty expressed his pleasure
at the growth stating "An 81% increase in profits is heartening news,
taking in to account the unstable liquidity position the economy faced
during end 2011."
The LB Finance product range which is spearheaded by its trademark
easy Leasing and Hire Purchase facilities contributed to a total asset
base of Rs. 38 billion, including a total of Rs. 32 billion worth of
lendings. This signifies a 37.6% increase on the 2010 December figure of
Rs. 28 billion. In addition to lending facilities, the company's primary
mover and chief funding factor is their benefit-heavy Fixed Deposit
schemes; deposit base grew rapidly to Rs. 24 billion over the 9 months
from the Rs. 19 billion recorded last December.
Net worth of LB Finance shares improved with the healthy financials
recorded as Net Assets per Share grew exponentially from the Rs. 37.74
during the last financial year to Rs. 50.78 at end-December 2011.
Investors will be encouraged by the steady path of success the company
has been making over the years, culminating in the January opening of
its seven-storeyed Corporate Office on Dharmapala Mawatha. "We place
great value in achieving progressively higher incomes and expanding our
operations across the country," says Dhammika Perera, entrepreneur and
Deputy Chairman of LB Finance, "However, LB Finance maintains that it is
our customer-oriented work ethic that upholds us as a true financial
trailblazer in the Sri Lankan financial sphere!"
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