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| Sunday, 6 April 2003 |
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| News Business Features Editorial
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LB Finance profits grow in 2002 LB Finance has made a profit of over Rs 12 million in 2002, a notable increase from the profit of Rs 5.2 million in the previous year and Rs 4.5 million the year before. The company has attributed this achievement to a number of factors. During the past two years, LB was able to acquire best management practices and skills necessary for the turnaround in performance. With the company's balanced approach to unsteady market conditions and the special emphasis placed on recovery of non-performing advances with responsibility placed on the highest level of management, a competent team has ably steered the company through the uncertain economic conditions to achieve this result. LB is the third largest and well capitalised listed finance company in the country. The formulation of sound strategies, effective supervision and the strict enforcement of regulatory requirements have not only boosted its revenues, but more importantly, has earned investor confidence as well. LB has always enjoyed a favoured status among depositors who continue to confirm approval of its practices by repeat investments. Deposits have grown at a healthy rate of 36 per cent during the year. The issue of the much awaited Rs 100 million debentures is imminent to further strengthen the company's capital base and expand its operations. There has been a remarkable growth among its entities dealing with real estate, leasing and pawn broking. Initiatives taken by the company to add value to its financial products and services have paid dividends. For example, the real estate projects undertaken by LB have been a tremendous success due to the careful selection of locations, pricing and value added features like tie-ups with building materials and home goods suppliers, enabling home builders to procure these items at reasonable costs. LB has several real estate projects under implementation in the current year. |
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