L B Finance PLC sometimes spelt LB Finance, is a Sri Lankan

non-bank financial institution A non-banking financial institution (NBFI) or non-bank financial company (NBFC) is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. NBFC facilitate b ...

. 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 The Colombo Stock Exchange (CSE) ( si, කොළඹ ව්‍යාපාර වස්තු හුවමාරුව, translit=Kolamba Vyapara Vasthu Huvamaruva; ta, கொழும்பு பங்கு பரிவர்த்தனை) i ...

in 1997. In 2003, Dhammika Perera acquired the company and became a subsidiary of

Vallibel One Vallibel One PLC is one of Sri Lanka's largest conglomerate companies. The company controls a chain of subsidiaries and listed on the Colombo Stock Exchange since 2011. The company has controlling stakes in LB Finance, Royal Ceramics Lanka, an ...

. 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. The company placed 39th in the ''LMD'' 100 for the financial year 2019/20.

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. A premier customer centre was opened in

Cinnamon Gardens Cinnamon Gardens ( si, කුරුඳු වත්ත ''Kurundu Vaththa'', ta, கறுவாத் தோட்டம்) is an affluent neighbourhood in Colombo, Sri Lanka located 3 kilometers south-east from Colombo's centre. Cinnamon Gar ...

exclusively for high-value clients. The centre is geared with an

eco-friendly Environment friendly processes, or environmental-friendly processes (also referred to as eco-friendly, nature-friendly, and green), are sustainability and marketing terms referring to goods and services, laws, guidelines and policies that clai ...

and luxurious setting. In January 2021, the company announced a four-for-one share split and it resulted in a 38% share price rise.

Operations

L B Finance's headquarters is located in Dharmapala Mawatha,

Kollupitiya Kollupitiya, also known as Colpetty is a major neighbourhood of Colombo, Sri Lanka. The name Kollupitiya comes from the name of a chief from Kandy who had unsuccessfully attempted to dethrone the last king of Kandy. During the period of British ...

and the 100th

branch office A branch office is an outlet of a company or, more generally, an organization that – unlike a subsidiary – does not constitute a separate legal entity, while being physically separated from the organization's main office. Branching is particu ...

was opened in

Jaffna Jaffna (, ) is the capital city of the Northern Province of Sri Lanka. It is the administrative headquarters of the Jaffna District located on a peninsula of the same name. With a population of 88,138 in 2012, Jaffna is Sri Lanka's 12th mo ...

. The company is taking part in the Sri Lanka Interbank Payment System. At the 2021 SLIM-Nielsen Peoples Awards, L B Finance bagged the financial service provider of the year award.

Fitch Ratings Fitch Ratings Inc. is an American credit rating agency and is one of the " Big Three credit rating agencies", the other two being Moody's and Standard & Poor's. It is one of the three nationally recognized statistical rating organizations ( NRSRO ...

affirmed A- rating for the company in September 2021 and the outlook was adjudged as stable. K Seeds Investments, a Sri Lankan boutique

investment bank Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...

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. L B Finance secured a US$15 million loan from FMO, a Dutch bank, to support the

small and medium enterprise Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Ba ...

sector. L B Finance donated a

ventilator A ventilator is a piece of medical technology that provides mechanical ventilation by moving breathable air into and out of the lungs, to deliver breaths to a patient who is physically unable to breathe, or breathing insufficiently. Ventilators ...

to Maharagama Apeksha Hospital during the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

. 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.

References

External links

Official website
{{All Share Price Index 1971 establishments in Ceylon Companies listed on the Colombo Stock Exchange Financial services companies of Sri Lanka Financial services companies established in 1971

History

Operations

See also

References

External links