LB Finance relocates Piliyandala branch

Friday, 30 December 2011 00:01 - - {{hitsCtrl.values.hits}}

The ever-growing branch network of financial trailblazer LB Finance experienced another innovation recently as the LB Finance branch in Piliyandala moved to a brand new location.

The state-of-the-art branch continues to service the people of the area with the trusted array of financial solutions the 40 year-strong company is synonymous with.

The Piliyandala relocation arrives at the end of a year 2011 packed with new developments and furthering of success for the giant; recording excellent financials at the recently-concluded first half of FY 2011/2012.

The company’s pre-tax profit increased by a massive 41% year-on year to stand at Rs. 1.02 billion as at end-September 2011. Total assets grew steadily by 23% to Rs. 34.73 billion over the same time period, supported by a sturdy loan base.

Amidst this growth, the company maintained its bad and doubtful debts at a low percentage through improved recovery programmes and slow accrual of such loans-non performing loans ratio stood at 2.53% as at end-September 2011.

“Our financial performance this year has been exceptional,” stated a satisfied Sumith Adhihetty, Managing Director of LB Finance. “We feel that it is really reflected in the upgrading of our RAM rating from BBB+ to A-/P2, denoting a stable outlook for the future. This lends greater confidence to our dedicated team and also strengthens the solidarity of our investor base.”

The upward revision follows the continuous expansion of the company’s hold on market share as well as its improving asset-quality indicators.

The move echoes similar changes and betterments to the branch network throughout the year; 10 branches were opened simultaneously in the Jaffna peninsula, setting an industry benchmark.

Additionally Puttalam, Dambulla and Thambuththegama joined the LB tradition of dispensing the best in financial solutions to investors eager for resources. The crowning glory, however, is yet to come, as the company unveils a brand new head office on bustling Galle Road in January 2012.

Regardless of the location, the powerhouse finance provider continues its practice of solid solutions; spearheaded by easy and affordable Leasing facilities of new and used vehicles, the product portfolio includes hire purchase, fixed deposits, savings accounts, factoring, margin trading and gold loans

Dhammika Perera, visionary entrepreneur and Deputy Chairman of the company, hinted at great things for the future: “For 40 years LB Finance has proven itself to be a leader in the sector. With the dawning of the New Year we will further our operational capabilities as well as our strong portfolio and make every effort to reach investors in the remotest corners of the country.”

The newly-relocated Piliyandala branch is at 68, Horana Road, Piliyandala.