LB Finance profit Rs 401m

LB Finance has recorded a spectacular rise in profits for the quarter ending September 2010, recording a phenomenal 154 percent year-on-year increase in quarterly net profit from Rs 87 million in September 2009 to Rs 220 million, as well as a net profit of Rs 401 million for the six months ended in September, a year-on-year increase of 146 percent.

The company with an history of four decades has been setting a tough act to follow, riding a crest of a wave since Dhammika Perera took over its reigns.

LB Finance reported its total income for the quarter at Rs 1.298 billion, a 31 percent increase from the previous year’s Rs 993 million and its total income for the six months ended September at Rs 2.452 billion, an increase of 26 percent from the previous year’s Rs 1.95 billion. Interest income was reported at Rs 1.241 billion and interest expenses at Rs 555 million, bringing the quarter’s net interest income to Rs 686 million, a 90 percent increase from 2009. The net interest income for the half ended September stands at Rs 1.25 billion, climbing 79 percent from the previous year’s Rs 698 million.

The company’s profit before tax for the quarter stood at Rs 408 million, again showing a massive increase of 177 percent from the previous year’s Rs 147 million and the profit before tax for the half stood at Rs 721 million, a 162 percent increase from the previous year.