Financial powerhouse LB Finance continues its thrilling island-wide expansion strategy with the launch of 10 new Branches island-wide - all in one go! The 40 year-old company is now loudly hailed as the capital harbinger of the industry, launching a variety of exciting new services during the past year as well as opening Branches which now include the new offices located at Wennappuwa, Elpitiya, Kotahena, Sea Street, Mathale, Mahiyanganaya, Nelliyadi, Manipai, Kilinochchi and Chayakachcheri.
This comes after LB Finance announced an increase in net profits for the June 2011 quarter of 94% to Rs.351 Mn from a year ago, and interest income which rose 41% to Rs.1.56 Bn. Net interest income rose 42% to almost Rs.800 Mn over the same period, while provisions for bad debt and devalued investments fell 44% to Rs.15 Mn. Overall, total assets grew from Rs.28 Bn to Rs.31 Bn as at 30th June 2011.
Mr Sumith Adhihetty, Managing Director of LB Finance, certainly had a lot to smile about as the latest wave of Branch openings was announced. 'At the moment we are driving forward with our main strategy which is to aggressively expand our reach within the island,' said Mr Adhihetty. 'I wish to assure our customers that - whatever their financial circumstances - our primary objective is basically to help them grow.'