Lanka Credit and Business Finance awarded ‘Fastest Growing Non-Banking Financial Firm in Sri Lanka’

Monday, 26 July 2021 01:53 -     - {{hitsCtrl.values.hits}}

LCB Finance CEO/Executive Director K.G. Leelananda 
LCB Finance Chairman Emeritus Professor W.M. Abeyrathne Bandara
Lanka Credit & Business Chairman B.W. Nanayakkara

At the Global Economics Awards 2021, Lanka Credit and Business Finance Ltd. was the recipient of the award ‘Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021’.

CEO/Executive Director K.G. Leelananda stated: “The immense guidance, proper directions and active participation were the driving forces of the Board of Directors that led to the achievement of the said award whilst considering our past financial statements as well, which also reflects all of the efforts that have been put forth in taking the company to greater heights. This is still a journey and not a destination for the company.”

The Board of Directors, the corporate management and all staff members were able to maintain the profitability and liquidity of the company, enduring 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 of Sri Lanka, all of which contributed towards achieving this award.

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

At the fourth edition of the South Asian Business Awards 2019 the company was nominated as ‘Emerging Finance Company of the Year’.

He mentioned that despite the prevailing unfavourable economic conditions due to the pandemic, its 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 of Sri Lanka. The company is now progressing to have its shares listed on the Colombo Stock Exchange, with a view to complying with the Direction of CBSL to meet the future core capital of Rs. 2.5 billion before the target date 1 January 2022.

Commenting on the financial condition of the company he 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 Rs. 2,175 m, capital adequacy ratios was 51.78%, total assets amounted to Rs. 3,747 m and the total credit portfolio reached Rs. 2,515 m, whilst all branches were operating profitably.

“We have made Rs. 128 million of operational profit. Furthermore, LCB Finance has been upgraded in Fitch Rating up to B+ Stable which is an achievement.”

He mentioned that since the beginning of this year, the operating efficiency at the branches and at the Head Office have improved significantly, consequent to the adoption of the new core banking system and modern collection programme using new technology.

He indicated that he was grateful to the Board of Directors for their guidance towards the conduct of business activities of the company and the stakeholders for the trust placed in the company that led to achieving the above stated awards.

He indicated that recognition of the company to grant the aforesaid award by the Global Economics UK, would in turn enhance the reputation of the company among their valued customers, and expressed his appreciation of the contributions made by the staff members of all grades, towards the growth of the company amidst the curfews and travel restrictions enforced by the Government to prevent the spread of COVID-19.

Finally, he stated that within a very brief period of time LCB Finance completed all activities for listing on Colombo Stock Exchange for IPO.

NDB-IB will be coordinating and consulting to the IPO on the process.