Lanka Credit and Business Finance Ltd, fastest growing NBFI
View(s):Lanka Credit and Business Finance Ltd was the recipient of the award “Fastest Growing Non- Banking Financial Firm in Sri Lanka 2021” at the Global Economics Awards 2021.
In a media release, K.G. Leelananda CEO/ Executive Director said that the guidance, proper directions and active participation, being the driving force of the Board of Directors, led to this achievement.
The Board of Directors, the Corporate Management and all staff members were able to maintain the profitability and liquidity of the company, despite the impact of COVID -19 pandemic whilst granting the debt moratorium and other relief measures to affected customers as per the circulars issued by the Central Bank.
In 2018, the company acquired the sick City Finance Corporation Ltd, having changed its name to Lanka Credit and Business Finance Ltd with the due approval of Central Bank, which was subject to, among others, repayment of the deposits of the acquired company. After the acquisition of the license of City Finance Corporation, Lanka Credit and Business Finance is operating as a strong and a profitable venture.
Mr. Leelananda also stated that Lanka Credit and Business Finance Ltd was recognised as the “Emerging Finance Company of the Year” Award at the “4th Addition of South Asian Business Awards – 2019”
Despite the prevailing vulnerable economic conditions due to the pandemic, the holding company Lanka Credit and Business Ltd was successful in providing fresh capital to meet the current prudential Core Capital requirements of the Central Bank. The company is now progressing to have its shares listed on the Colombo Stock Exchange to meet the future Core Capital of Rs. 2.5 billion before the target date 01.01.2022.
Commenting on the financial condition of the company, he said that the company recorded a remarkable growth during the period 2020/2021 under the current economic background. As at end April 2021 the total capital funds reached Rs. 2,175 million, the Capital Adequacy Ratio was 51.78 percent, total assets amounted Rs. 3,747 million and the total credit portfolio reached Rs. 2,515 million.