Record Rs 9.8 bn PBT in FY19 places LB Finance at the top
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Mr. Sumith Adhihetty
LB Finance PLC (LBF), a leader in the non-banking sector, recorded a whopping Rs. 9.8 billion Profit before Tax (PBT) on financial services for the year ending March 2019, a substantial 24.9 per cent from the previous year.
The company surpassed the Rs. 5 billion mark for the first time in its history by recording a post-tax profit of Rs. 5.1billion, a 18.9 per cent growth over the previous year.
In a media release, the company said net interest income was Rs.14.4 billion, a significant 21.2 per cent increase from the year before while recorded income for the same period was Rs. 29.3 billion, an increase of 16.9 per cent from the year ago position. Highlighting the public trust in the company as well as its popularity with the public, LBF surpassed the impressive Rs. 80 billion mark in its deposit base recording Rs. 83.2 billion from Rs. 73 billion in the year before.
Commenting on the performance, Sumith Adhihetty, Managing Director of LB Finance stated: “A few issues within the country and the industry had some impact on the performance of the company. These include the political instability in November 2018, lowered investor confidence, policy changes affecting duties and taxes, and the increasing volatility in foreign exchange. However, LB Finance has managed to triumph through all these issues, with the ratio of FD renewals speaking of the trust the customer continues to have in the institution.”
“Backed by a strong financial tradition of over 48 years coupled with our local experience, LBF offers a portfolio of financial solutions trusted widely by corporates, SMEs and individuals alike. These offerings are delivered to the market through an island-wide branch network. LBF has strategically expanded its operations beyond the shores of Sri Lanka to Myanmar. The company has set up four branches in Bago region aimed at bringing prosperity to the people of that country as well,” the release said.