LB Finance PLC, Sri Lanka’s leading non-banking financial service provider showcased a resounding growth for the first six months of the year as at end-September 2018 with Operating Profit Before Tax on financial services recording a 31.7% increase to 4.5 billion from Rs 3.4 billion for the same period last year.
Profit before taxes increased to 3.7 bn from 2.8 billion with recording an increase of 32%. The total comprehensive income for the period, net of tax is Rs 2.4 billion, up 24.5% from Rs. 1.9 billion in 2017. The growth demonstrates stability, customer trust, and strength of the company.
The recorded growth in gross earnings was driven by an outstanding 22.6% increase in interest income, to 13.2 billion in 2018 from Rs. 10.8 billion in 2017.
The Net Interest Income in the first six months of 2018 increased 31.3% to Rs. 7.0 billion from Rs. 5.3 billion in the first six months of 2017. Demonstrating customer loyalty, deposits with LB Finance showed an above-average 13.7% growth, up from Rs. 68.5 billion in 2017 to an impressive Rs. 78.0 billion in 2018.
Managing Director of LB Finance, Sumith Adhihetty declared, “Once again we have been able to make significant strides in achieving our strategic goals and milestones as we have been continuously doing so in the past few years.”
“We have overcome market challenges and have accomplished considerable progress in continuing to create wealth and value for all our stakeholders.”
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