Business Times

LB Finance shows Rs 500 mln profit, unscathed from run on deposits

Overcoming the crisis of panic withdrawal of deposits during the beginning of 2009, LB Finance PLC recorded a Rs 500 million profit after tax during the financial year ended March 31, 2010, up 39 % from the corresponding period in 2009.

LB Finance's net profit before tax was Rs 878 million recording an increase of 58 % compared to 2009. Gross income of the company was Rs 4.13 billion, up 15.39 % from the earlier year. In his annual review, LB Finance Chairman Bertram Amarasekera said the company had invested funds in liquid and stable investments unlike other finance companies which had to face liquidity risks by investing significantly in real estate and they failed to dispose their assets expeditiously.

The company will continue to lend to micro entrepreneurs who have built their source of revenue through three wheelers and tractors. They are considered as essential individuals in the national development, he said.

Managing Director of the company Sumith Adhihetty noted that LB’s deposit base has been increased by 31% from Rs.9.5 billion in 2008/09 to Rs.12.4 billion in 2009/10 mainly due to re-assured investor-confidence, and the maintenance of a healthy cash flow throughout the financial year.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
Other Business Times Articles
LTTE wipe-out curbs ‘Hawala’ trade
Climate change, restive workforce dogs Dankotuwa Porcelain
Confifi’s minority shareholders cry foul
Cabraal re-appointed Central Bank governor
Private managers essential to run Shell under state control
Comment - Govt: Stay out of business
Feature - Is Sri Lanka ready for future Golden Key scandals?
Feature - Annals of gullibility: Next Golden Key is around the corner
John Keells Group wins 9 Presidential Awards for Travel and Tourism
Infotel to kick off at the end of September
Import duty cuts pull down computer prices
LB Finance shows Rs 500 mln profit, unscathed from run on deposits
Malnutrition could affect future human resources
First for First Guardian Equities
Indian mobile phone maker Micromax enters the Sri Lankan market
Letter - Drilling for oil in the Gulf of Mannar
Letter - CEPA : A medical perspective
Factories closing? Think again
Seven insights for Corporate Managers
Hirdaramani Group diversifies into IT, looks at other investments
Offers to Tokyo Cement shareholders
Desktop PCs have come down to Rs 30,000 from Rs 90,000
Sri Lanka lags behind in education – Maldives businessman
Derivatives – the good , bad and the ugly
New website promotes Alien book and tourism in Sri Lanka
Asian Paints trains & accredits local painters
Heritance hotel team at Singaporean culinary challenge
Coke makes donation to Habitat for Humanity
UNIDO to recommend Brandix Seeduwa as green example
Top global accountant at CMA Summit
Sri Lanka to sell power to India
Worry over possible exploitation of Northeast workers
U.S. apparel retailers turn their gaze beyond China
CEAT records five-fold profit growth in Sri Lanka
Seylan Bank to implement Manpower Plan
Long wait for 100 GK depositors to get money back
Sunshine says had 'solid' performance in 2009-10
From rags to riches, Nawaloka Mudalali enters 90th year
BAM Holdings – TESCO join hands in Community Service
Sri Lankan management consultants for Maldives Electricity Board
Mobile app development portal launched
Dambatenne estate enhances living standards of estate community


Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution