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Introduces "Riyapola" vehicle mart to enhance services:

LB Finance launches product to mark anniversary

Reputed financier LB Finance PLC recently marked over four decades of service to the Sri Lankan customer base, celebrating its 41st anniversary on a grand scale. Over the years LB Finance has proved to be a stalwart in the financial sphere, recording stable growth and securing public trust through a strong tradition of service.

Complementing the celebrations is the Grand LB Vehicle Mart, popularly known as "Riyapola". The vehicle mart acts as a meeting point for prospective buyers and sellers of brand new as well as used vehicles of varying type and make; registered and unregistered lorries, three-wheelers, cars, vans and the like. Vehicles can be bought, sold and exchanged at better-than-market prices or leased out via the easy and affordable LB Leasing facilities.

"The Riyapola concept has received an outstanding response from our customers", states Managing Director LB Finance, Sumith Adhihetty, "So much so that we will be holding the vehicle fiesta on the third weekend of every month in locations across the country, although it was initially meant to be a tri-monthly event!" The last Riyapola visited 5 major cities- Kandy, Negombo, Panadura and Kurunegala and Sri Jayewardenepura Kotte. The Riyapola Grand Vehicle Mart for the month of July will be from the 21 to the 23 at the respective locations as previously.

For the fiscal year ended March 31, LB Finance recorded stable results in terms of income, profitability and public deposits. Income rose exponentially on a year-on-year basis; Total income increased from the Rs. 5.5 billion recorded as year ending March 31 to Rs. 7.85 billion at the year ending March 31 while interest income rose from Rs. 5.13 billion to Rs. 7.23 billion. Profits too showed a clear ascent as profit before tax rose by 41.56% year-on-year from Rs. 1.66 billion to Rs. 2.35 billion. Net profit rose from Rs. 1.02 billion to Rs. 1.62 billion over the same period achieving a growth of 58.82%.

Supported by a strong coalition of loans and advances, LB Finance asset base grew from Rs. 28.26 billion as at March 31, rising steeply to reach Rs. 42.77 billion. as at the end of March 2012. Public Deposits too have been showing a marked increase as LB Finance aggressively pursues its fixed deposit drive; Deposit base grew by 33.86% year-on-year, attesting to the confidence increasing numbers of customers are placing in the financier.

While the Grand LB Vehicle Mart is a new product that customers can readily avail of to meet their vehicle requirements, the company is home to a strong product portfolio including Fixed Deposits, Savings, Leasing, HP, Microfinance, Gold Loans, Factoring, Margin Trading, Inland Money Transfer, Power Draft and Islamic Financing. "Although we are backed by a superior tradition, LB Finance continues to innovate and generate new financial solutions to keep pace with and better the changing market trends", states Adhihetty, "Our aim is to carry our customer base into the next four decades, successfully!".

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