LCB Finance records turnover of Rs. 264 million for 2018 | Daily News

LCB Finance records turnover of Rs. 264 million for 2018

Founder Director LCB Finance head office in Kohuwela.
Founder Director LCB Finance head office in Kohuwela.

Lanka Credit and Business Finance Ltd., (LCB Finance), has recorded a turnover of Rs. Rs. 264 million for the year ending December 31, 2018. The first fiance company to be created from the Southern Province, LCB Finance has also posted a profit for the period 2018, 280 million for 2018.

Founder Director, CEO and Executive Director LCB Finance K. G. Leelananda said that they commenced operations in Galle on May 16, 2016, under the Companies Act No 7 of 2007 (Registered No. PB 5329) and commenced operations. “Today, we have assets to the tune of over Rs. 2.185 billion, Share Capital 3,091 million and a Loan Portfolio of 1,282 million.”

He said that they stepped forward to bail out the defunct City Finance Corporation which had over Rs. 2.4 billion liabilities and to date, has settled over 60%.”

The Monitory Board of the Central Bank of Sri Lanka (CBSL), transferred the management and control of the City Finance Corporation, which was under their control and supervision until then. With this takeover, we restructured our financial organization under the Finance Business Act No. 42 of 2011 and registered under a new business name as “Lanka Credit and Business Finance Limited” (LCB Finance).

Under the CBSL, LCB Finance was asked to settle 10% of depositors by 2018 end, but we settled 56% of the claims.”

“We have six branches in Galle, Kohuwala (Head Office), Karandeniya, Mirissa, Pelawaththa, Rathgama, while our seventh branch would be opened at Karapitiya on Thursday 24.”

“We have been granted the status of “Authorized Money Changer” of the Central Bank of Sri Lanka and our branches are recording considerable progress in this area.”

“Our customers would be able to pay their utility bills at our counters and effect fund transfers through the SLIP system and receive remittances through the Western Union, especially from family members employed overseas.”

“In Future, we plan to expand our services to cover business, industrial and private sectors of our country by providing savings and lending products to meet their requirements.”

”To serve our clientele more efficiently, we plan to provide a Automated Tellers Service (ATM) system shortly, utilizing our own system and by entering into sharing arrangements with selected Commercial Banks.”

The Board of Directors of LCB Finance comprise: Emeritus Professor W.M. Abeyrathna Bandara (Chairman of the Board of Directors), K. G. Leelananda, Executive Director - Chief Executive Officer and Founder Director), R. L. Masakorala, A. G. Maheen Priyantha, U. K. H. R. Ranasinghe, K. I. Weerasinghe, J. W. Nanayakkara, S.W. Subasinghe, V. Lokunarangoda, G.K.

Nanayakkara and S. A. K. Alahakoon. (SS)

 


 

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