Financial Times

LB Finance Ltd said last week first quarter (March-June 2006) profits showed an impressive 43 percent rise against the 2005 corresponding period and was heading for its best ever financial year.

Sumith Adhihetty, Managing Director of LB Finance Ltd said in a statement the company’s continuing confidence among investors was evident from the number of depositors showing significant gains as well as the number of deposits. He said the company is expected to post what would be its best performance ever by the end of the current financial year. “A series of avant-garde operational changes made in 2004, set in motion an all-new strategy that resulted in the company’s performance over the past few years to be hailed as one of the most striking come-back stories in the contemporary era,” he said. The company income’s rose from Rs 195 million as at June 30, 2005 to Rs 272 million as at June 30, 2006, showing a 40% growth whilst earnings per share increased by 43%,.

LB’s total deposits which were Rs.3.34 billion by end March 2006 rose to Rs.3.69 billion in the first quarter ending June.