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by | Mar 16, 2018 | Hosta

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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]

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

References

  1. ^ a b c "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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