LB Finance made a net profit of Rs. 359.6 million for the year ended March 31, 2009, the highest profit made during the company’s 38 year history according to its annual report.
In comparison, the net profit for the corresponding period last year was Rs.205.8 million.
The report shows that the company’s gross income for the period under review increased to Rs.3.5 billion from Rs.2.7 billion last year. The company’s deposits increased to Rs.9.5 billion for the year from Rs.7.3 billion the previous year. LB Finance also issued unsecured, subordinated, listed debentures to raise Rs.450 million during the year under review.
LB Finance Chairman Bertram Manson Amarasekera stated that the past year has proved to be one of the most challenging in the history of the company, with several macroeconomic shocks that impacted on the business and on the financial services industry as a whole. However, Mr. Amarasekera said the company’s financial performance in the year under review has proved that it has the capability to ride a storm and grow and is fast emerging as a strong player in the financial services industry.
Mr. Amarasekera further stated that the company’s growth pattern will be influenced by the results of the war situation and its aftermath. He added that the government has to set in motion the steps as required and address the unification of the resources island-wide.
“The government must also address the manner in which it will set about restoring sovereignty and territorial integrity of the island as a unitary state and cater to the aspirations of a multi cultural society,” he added. |
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