LB Finance gears to take leasing to North and East

Financial leading light LB Finance is pushing forward with their nation-wide expansion strategy backed by yet another year of exceptional performance. The 40 year-old company has continually maintained its position in the forefront of development in the Sri Lankan financial sector and now plans to take their services, especially its renowned leasing services, to the North and East.

LB Finance is famed for its revolutionary leasing packages which are offered on a wide range of vehicles and equipment.

With all its years of experience in the industry, LB Finance proffers unmatched expertise when it comes to leasing, which is one of their strongest domains, and customers can lease private vehicles, commercial vehicles, three wheelers, motor bikes, trucks and trailers, as well as machinery, agricultural equipment.

"We believe that it is mutual faith, the customer's faith in us and our faith in the customer, is what makes our service so attractive, as well as our flexible terms and conditions which are tailored to match each customer's ability to meet payment obligations," said Mr. Ravi Yatawara, General Manager of LB Finance. The company also recently launched its new Islamic Finance unit, Al Salamah, which also offers Shari'a compliant leasing to all Sri Lankans as well as a wide range of other Shari'a compliant financial services such as investment accounts, trade financing and gold loans.

The company further strengthened its operations with 6 new branch openings during the financial year ending March 2010. Furthermore, during the first quarter of the current financial year, LB Finance also opened its doors in Bandarawela. "Our key goal at the moment is to aggressively expand our reach within the island and take root in as many provinces as possible, especially in the post-war period of recovery and growth," said Mr. Yatawara.

LB Finance recently released its figures for the financial year of 2009/10, recording a 39% growth in net profits after income tax, consolidating its dominance in the market despite turbulent times in the industry. With the year's gross income standing at over Rs. 4,130 million, the company also reported a 31% increase in its deposit base to Rs. 12,490 million as well as a profit before income tax figure of Rs. 878 million, again showing a massive increase of 58% from the previous year's Rs. 555 million.

Mr. Yatawara stated that these figures are evidence of an exemplary performance despite negative market sentiments, and credited the company's sustained extraordinary performance to wise financial stewardship as well as LB Finance's visionary approach which was instrumental to the company's growth. "Our success has been built on a strong foundation of financial stewardship," stated Mr. Yatawara. "We are staying focused on our passion for what we do and our vision for the future. Our aspiration is to stay true to our stakeholders and respond unswervingly to the confidence and trust placed in us by our depositors."

Mr. Yatawara further stated that the growth strategy LB Finance has implemented promises to bring even further growth to the company over the coming year. "We have seen unprecedented growth over the past few years, and we are pushing forward with ambitious expansion and innovation strategies that offer more appropriate financial solutions to an even greater number of the Sri Lankan public."

LB Finance operates through a highly-integrated network of branches offering cutting-edge solutions through services such as acceptance of deposits, leasing, hire purchase, microfinance, inland money transfer, gold loans and other credit facilities.


source - www.dailynews.lk