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| Sunday, 18 September 2005 |
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Business |  |
| News Business Features Editorial
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LB Finance
net profits grow 209% in Q1
LB Finance recorded an unprecedented increase in net profits of 209% and a profit before tax of Rs. 34.4 million this quarter as against Rs. 11.1 million for the same period last year. Income for the same period showed a sharp rise of 56% while operating profits increased by 73% paving the way for the massive increase in net profits. The company's total deposits rose to Rs. 2.9 billion while the share recently traded at a high of Rs. 80. The company's emergence as a top-runner stems from a series of bold operational changes introduced as the company's new think-tank unleashed its ambitious and far-reaching action plan. The impressive results underline the company's ability to bring together veterans of industry to work with its young and dynamic staff in an atmosphere that promotes team work. Counting over 34 years in business LB Finance operates a highly integrated network of branches across the country. Five new branches will add to the company's expanding network this year taking the total number to 26 which includes the company's pawn broking outlets. These centres of excellence will continue to offer innovative and value-added solutions through the company's product portfolio. LB Finance offers cutting-edge solutions through services such as Acceptance of Deposits, Leasing, Hire Purchase, Consumer Durable financing, Mortgage Loans and other Credit Facilities. Real Estate Development, related services and Pawn Broking continue to blaze a trail in the industry. Plans are afoot to streamline the company's real estate business with major emphasis laid on top-of-the-range condominiums. |
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