Lanka Credit and Business Finance Ltd prepares for CSE listing

At the Global Economics Awards 2021, part of a UK-based publication, Lanka Credit and Business Finance Ltd was the recipient of the award “Fastest Growing Non- Banking Financial Firm in Sri Lanka 2021”, the company said in a media release.

K.G. Leelananda - CEO/ Executive Director stated that the immense guidance, proper directions and active participation being the driving forces of the Board of Directors led to the achievement of the said award whilst considering its past financial statements as well, which also reflects all of the efforts that have been put forth in taking the company to greater heights.

Commenting on the background of the company he stated that in 2018 they acquired the sick City Finance Corporation Limited, having changed its name to Lanka Credit and Business Finance Limited with the due approval of the Central Bank of Sri Lanka, which was subject to among others to the repayment of the deposits of the acquired company which is now reaching the ending stage.  The management was also able to turnaround the acquired company to a profitable institution within a very short period.

The company is now on course to have its shares listed on the Colombo Stock Exchange, with a view to complying with Central Bank rupes to meet the future Core Capital of Rs 2.5 billion before the target date 01.01.2022.

Commenting on the financial status company, Mr. Leelananda stated that the company recorded a substantial growth during the period 2020/2021 under the current economic background. As at end April 2021 the total capital funds reached was Rs. 2,175 million. The Capital Adequacy Ratios was 51.78 percent. Total assets amounted Rs.3,747 million and the total Credit Portfolio reached Rs. 2,515 million, whilst all branches were operating profitably.