LB Finance's profits soar 116% to Rs. 54 million

LB Finance Ltd. in their third quarter ending December 31 2006, recorded an impressive 116% increase in net profit, now at a significant Rs. 54 million. The first nine months of operation, ending December 31 2006, indicates a hike of 104% in net profit, from Rs 148 million as at December 31 2006 against the previous year's Rs.73 million.

Total assets have increased from Rs.4.6 billion as at March 31 2006 to Rs.6.2 billion as at December 31 2006. "The Company's resounding success could be attributed to the well-planned and coordinated efforts of the management, devoted to rewarding the confidence that our investors have in us," said a Company spokesman.

"Due to focused marketing strategies and competitive rates of interest offered by the Company, customer deposits have increased tremendously, to Rs.4.029 billion, a fact that highlights the confidence that the public has been showing in LB Finance," he said. "We pride ourselves in the strength of our staff.

They are a well-formed team of industry veterans, handpicked for their individual expertise. Effective operations in our highly integrated network of branches across the country, comprising all our lines of business, from leasing to hire purchase to pawn broking, have truly played their part in contributing to these outstanding results," he said.

The company operates a growing network of 32 outlets throughout the island including its pawn broking centres and eight branches.