LB Finance

Last updated
L B Finance PLC
Company type Public
ISIN LK0301N00008
Industry Financial services
FoundedMay 30, 1971;52 years ago (1971-05-30)
Headquarters
Colombo
,
Sri Lanka
Key people
  • G. A. R. D. Prasanna (Chairman)
  • Sumith Adhihetty (Managing Director)
RevenueIncrease2.svg LKR42.756 billion (2023)
Increase2.svg LKR22.141 billion (2023)
Decrease2.svg LKR8.460 billion (2023)
Total assets Increase2.svg LKR183.018 billion (2023)
Total equity Increase2.svg LKR38.428 billion (2023)
Owners
Number of employees
Decrease2.svg 3,562 (2023)
Parent Vallibel One
Subsidiaries
  • L B Microfinance Myanmar (100%)
  • Multi Finance PLC (64.63%)
Website www.lbfinance.com
Footnotes /references
[1]

L B Finance PLC sometimes spelt LB Finance, is a Sri Lankan non-bank financial institution. The company is incorporated in 1971 and initially, the majority of shares were held by Lewis Brown & Company. The company was listed on the Colombo Stock Exchange in 1997. In 2003, Dhammika Perera acquired the company and became a subsidiary of Vallibel One. Currently, the company is one of the components of the S&P Sri Lanka 20 Index. Brand Finance ranked the company 24th in the 100 most valuable brands in Sri Lanka. [2] The company placed 39th in the LMD 100 for the financial year 2019/20. [3]

Contents

History

L B Finance was incorporated in 1971 and in 1997 was listed on the Colombo Stock Exchange. Initially, Lewis Brown & Company held the majority (94.9%) of the company's shares. In 1994, Vanik Corporation acquired the company and in 2003 Dhammika Perera took over the company and subsequently became a subsidiary of Vallibel One. The company became the second-largest licensed finance company. [1] A premier customer centre was opened in Cinnamon Gardens exclusively for high-value clients. The centre is geared with an eco-friendly and luxurious setting. [4] In January 2021, the company announced a four-for-one share split and it resulted in a 38% share price rise. [5]

Operations

L B Finance's headquarters is located in Dharmapala Mawatha, Kollupitiya and the 100th branch office was opened in Jaffna. The company is taking part in the Sri Lanka Interbank Payment System. [1] At the 2021 SLIM-Nielsen Peoples Awards, L B Finance bagged the financial service provider of the year award. [6] Fitch Ratings affirmed A- rating for the company in September 2021 and the outlook was adjudged as stable. [7] K Seeds Investments, a Sri Lankan boutique investment bank ranked L B Finance the best performing finance company in the category of companies which asset base is greater than one billion rupees. The company has recorded a LKR1.34 billion profit for the first quarter of the financial year 2021/22, the highest among the 29 listed finance companies. [8] [9] L B Finance secured a US$15 million loan from FMO, a Dutch bank, to support the small and medium enterprise sector. [10] L B Finance donated a ventilator to Maharagama Apeksha Hospital during the COVID-19 pandemic. [11] LB Finance bought a controlling stake in Multi Finance in 2022. LB Finance acquired 64% of the Stake in Multi Finance for LKR400 million from Fairway Holdings. [12]

See also

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References

  1. 1 2 3 "Annual Report 2022/23" (PDF). cse.lk. L B Finance PLC. Retrieved 9 June 2023.
  2. ↑ "LB Finance". brandirectory.com. Brand Finance. Retrieved 13 November 2021.
  3. ↑ "Top 50 chronology". lmd100.lk. LMD. Retrieved 13 November 2021.
  4. ↑ "LB Finance opens Premier Colombo 07". ft.lk. Wijeya Newspapers. 30 August 2019. Retrieved 13 November 2021.
  5. ↑ "LB Finance share sub division boosts price to all-time high". ft.lk. Wijeya Newspapers. 28 January 2021. Retrieved 13 November 2021.
  6. ↑ "LB Finance - Financial Service Provider of the Year". Sunday Observer . Associated Newspapers of Ceylon. 28 March 2021. Retrieved 13 November 2021.
  7. ↑ "Fitch Affirms LB Finance at 'A-(lka)'; Outlook Stable". fitchratings.com. Fitch Ratings. Retrieved 13 November 2021.
  8. ↑ "LB Finance No.1 in K Seeds Investments in 1Q". dailynews.lk. Associated Newspapers of Ceylon. 2 September 2021. Retrieved 13 November 2021.
  9. ↑ "Ranking of Listed Finance Companies in Sri Lanka" (PDF). K Seeds Investments. Retrieved 13 November 2021.
  10. ↑ "LB Finance secures US $ 15mn FMO loan to support SME sector". dailymirror.lk. Wijeya Newspapers. 6 May 2021. Retrieved 13 November 2021.
  11. ↑ "LB Finance donates ventilators to Apeksha Hospital Maharagama". dailynews.lk. Associated Newspapers of Ceylon. 1 March 2021. Retrieved 13 November 2021.
  12. ↑ "Sri Lanka's LB Finance buys tiny Multi-Finance". Economy Next. Echelon Media. 16 March 2022. Retrieved 1 September 2022.
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