LB Finance celebrates anniversary with new product

LB Finance PLC recently celebrated its 41st anniversary. A spokesman for the company said, "Over the years, LB Finance has proved to be a stalwart in the financial sphere, recording stable growth and securing public trust through a strong tradition of service".

Complementing the celebrations is the LB Grand Vehicle Mart, popularly known as 'Riyapola'. The vehicle mart acts as a meeting point for prospective buyers and sellers of brand new and used vehicles of various type and make, registered and unregistered lorries, three-wheelers, cars and vans. Vehicles can be bought, sold and exchanged at better-than-market prices or leased out via the LB Leasing facilities.

"The Riyapola concept has received an outstanding response from our customers", Managing Director LB Finance, Sumith Adhihetty said, "We will be holding the vehicle fiesta on the third weekend of every month in locations across the country, although it was initially meant to be a tri-monthly event!"

The last Riyapola visited five major cities - Kandy, Negombo, Panadura and Kurunegala and Sri Jayewardenepura Kotte. The Riyapola Grand Vehicle Mart for July will be held from August 21 to 23 at the same locations.

For the fiscal year ended March 31, 2012, LB Finance recorded stable results in terms of income, profitability and public deposits. Income rose exponentially on a year-on-year basis; Total income increased from the Rs. 5.5b recorded at year ending March 31, 2011 to Rs. 7.85b at the year ending March 31, 2012 while interest income rose from Rs. 5.13b to Rs. 7.23b. Profits, too showed a clear ascent as Profit Before Tax rose by 41.56 percent year-on-year from Rs. 1.66b to Rs. 2.35b Net Profit rose from Rs. 1.02b to Rs. 1.62b over the same period achieving a growth of 58.82 percent.

LB Finance Asset Base grew from Rs. 28.26b as at 31st March 2011, rising steeply to reach Rs. 42.77b as at the end of March 2012. Public Deposits too have showed an increase as LB Finance pursues its Fixed Deposit drive; Deposit base grew by 33.86 percent year-on-year, attesting to the confidence increasing numbers of customers are placing in the financier.