LCB relocates Galle branch
LCB, the first finance company to be registered in the Southern province under the Companies Act No 7 of 2007, and commenced operations through their first branch in Galle , on May 16th would be relocating the same from the present location at Pettigalawaththa to a more customer-friendly location at 119, Wackwella Road, Galle on 2 April 5th.
LCB is a licensed finance company and holds License No 21 issued by The Monetary Board of the Central Bank of Sri Lanka. They are also a registered Finance Leasing Establishment with the Central Bank of Sri Lanka under the Finance Leasing Act. They have also identified prospective investors to augment the capital of the company to meet the minimum core capital requirement by an external capital infusion of Rs. 1.4 billion by FY 2021.
According to K.g.leelananda CEO and Executive Director of LCB they are committed to continue to maintain a track record of profitability and good quality portfolio growth in the future, maintaining adequate capital and liquidity profile
The financial achievements gained from business operations conducted through their branch as at 31st March 2019 are as follows: Profit-after-tax Rs. 295 million, asset Growth 1,300 percent, loan portfolio growth 480 percent and Capital Adequacy Ratio 36 percent (Required ratio 10 percent).
With the approval of the Central Bank of Sri Lanka they envisage to expand their presence in Provinces by adding 4 new branches in strategic locations during the year 2019.
In conclusion K.g.leelananda highlights that they will continue to offer their existing and prospective customers in Galle town and its environs their best services, second to none from their new home.