Lanka Credit and Business Finance to list | Daily News

Lanka Credit and Business Finance to list

The Lanka Credit and Business Finance Ltd, (LCB Finance) will be listing their shares on the Colombo Stock Exchange shortly.

CEO/Executive Director of LCB Finance Ltd. K. G. Leelananda stated that the stakeholders could get better value with the listing of their shares in the Share Market. Leelanda said, “LCB Finance was formed in the Southern Region in 2016 and we also want to give out a message that listing of the shares is the way forward.”

In a bid to comply with the requirement of the Central Bank, LCB Finance is making arrangements to list their shares on Colombo Stock Exchange and they are planning to host the prospective investors at a Business Forum on February 13, from 6 pm onwards at the Light House Hotel Galle.

The Minister of Plantations Dr Ramesh Pathirana, State Minister of Production and Supply of Fertilizer and Regulation of Chemical Fertilizer, Mohan Priyadarshana De Silva, Mayor Galle Municipal Council, Priyantha G Sahabandu and Head of Corporate Advisory at NDB Investment Bank Nilendra Weerasinghe will participate at the event.

CEO / Executive Director Leelananda stated that the Company’s ambitious Journey towards success commenced from Galle Head Office Branch in 2016 having registered themselves as “Lanka Credit and Business Ltd”.

“With its steady growth, they were able to acquire the Business of “City Finance Corporation Ltd” in 2018 and rebranded the company as Lanka Credit & Business Finance Ltd during the same year under the guidance and approval of the Central Bank.

They have shifted their Head Office from Galle to Kohuwala and expanded the Branch network to reach 8 Branches at Rathgama, Karandeniya, Matara, Karapitiya, Pelawaththa and Negombo and parallel to this growth they provided 125 employment opportunities.

He also said they were recognized for the “Emerging Finance Company of the Year -2019 award” at the South Asia Business Excellence Award Ceremony held at Hilton-Colombo.

“We successfully implemented the scheme introduced by CBSL to assist those affected by the COVID-19 pandemic by providing debt moratorium, rescheduling non-performing credit facilities and postponing Legal Action to recover over dues.”

“During the year 2020, we adopted new software to enable ë-Finance”. The migration of data to the new package was completed in December 2020.”

“Despite the uncertain economic condition caused by the COVID-19 pandemic we were able to reach an asset base of Rs. 3.4 Bn. The total Loan portfolio is Rs. 2.3 Bn., Risk-weighted Capital Adequacy ratio 35.8%, Core Capital Rs. 1.8 Bn. (as at 31/1/2021) Net Profit after Tax Rs. 71 Mn. (9 months period).

He also stated that the Company was able to achieve these achievements under the guidance of Chairman - Emeritus Professor W M Abeyrathne Bandara, Board of Directors and dedicated staff.