LB Finance pre-tax profit marginally up at Rs. 2.53 bln
View(s):LB Finance PLC said this week its 2012/13 financial results showed another outstanding year with income sharply by 40.68 per cent to Rs.11.17 billion during 2012/13, against the previous year.
Interest income rose by 41.49 per cent to Rs. 10.32 billion while pre-tax profit marginally increased by 3.63 per cent to Rs. 2.53 billion on the back of the company’s operational strategies and lending portfolio, coming mainly from leasing and gold loans.
Post-tax profit was Rs. 1.70 billion, despite many challenges in the economic environment, the company said.
Company Managing Director Sumith Adhihetty said his team was quite happy with the performance achieved in what has been described as a difficult year for the economy.
The company’s product portfolio was led by its trademark easy leasing and hire purchase facilities. Leasing is the largest contributor to the loan portfolio accounting for 48.52 per cent. Company Chairman Dhammika Perera said the results were significant considering the fluctuating and unfavourable conditions that prevailed in the market.
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