LB Finance PLC recorded a profit after tax (PAT) of Rs.775.8 million compared to the Rs.449.0 million recorded in the first quarter ended June 30, 2015 (1Q16), a substantial growth of 73 percent.
The net interest income rose by 23 percent to record Rs.2.0 billion compared to the Rs.1.6 billion recorded the previous year first quarter. The total operating income grew to Rs.2.3 billion compared to Rs.1.9 billion achieved over the corresponding quarter of the previous year, a 22 percent increase. Total assets have reached Rs.70.0 billion compared Rs.67.5 billion in first quarter 2014. Total shareholder funds rose up to Rs.8.7 billion, which is a 10 percent growth, compared to the first quarter of previous year.
“I would like to express my gratitude to the customers and investors for their loyalty and confidence placed in the company. You placed us in this pre-eminent position we are in today,” said LB Finance PLC Managing Director Sumith Adhihetty.
LB Finance PLC is a trail blazer in the financial services industry in Sri Lanka. The company was established in 1971 and through the years has built a strong reputation as one of Sri Lanka’s most trusted financial organisations. With a total deposit base of over Rs.45 billion, LB Finance is proud of the trust placed by the public making the company the largest non-banking deposit mobilize in the country.
The company also offers a variety of other services including leasing, factoring, hire purchasing, micro finance, mortgage loans and gold loans. LB Finance is licensed by the Monetary Board of the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011.