LCB posts impressive results; to relocates Galle branch

Tuesday, 23 April 2019 00:00 - - {{hitsCtrl.values.hits}}

LCB the first finance company to be registered in the Southern Province under the Companies Act No. 7 of 2007 (Reg.No. PB 5329), has reported impressive results.

Declaring its financial achievements gained from its business operations conducted through its branch network of seven financial highlights of LCB as at 31 March 2019 are as follows which is subject to audit:

Profit after TaxRs. 295m

Asset Growth 1,300%

Loan Portfolio Growth 480%

Capital Adequacy Ratio 36% (Required ratio 10%)

LCB which commenced operations through their first branch at Galle, on 16 May 2016, said it would be relocating the samefrom the present location at Pettigalawaththa to a more customer-friendly location at No. 119, Wackwella Road, Galle on 25 April 2019, with the objective of enhancing comfort of their esteemed customers in mind.

LCB is a licensedfinance company and holds License No. 21 issued by The Monetary Board of the Central Bank of Sri Lanka.It is also a registered finance leasing establishment with the Central Bank of Sri Lanka under the Finance Leasing Act.It has identified prospective investors to augment thecapital of the company to meet the minimum core capital requirement by an external capital infusion of Rs. 1.4billionby FY 2021.

According to LCB CEO and Executive Director K.G. Leelananda, it is committed to continue to maintain a track record of profitability and good quality portfolio growth in the future, maintaining adequate capital and liquidity profile.

With the approval of the Central Bank of Sri Lankathey envisage to expand their presencein provinces by adding four new branches in strategic locations during the year 2019.

Leelananda highlighted LCB will continue to offer their existing and prospective customers at Galle Town and its environs their best services, second to none from their new home.