LCB Finance gears for CSE listing

Lanka Credit and Business Finance Limited (LCB Finance) is preparing for the next milestone in its journey by listing its shares on the Colombo Stock Exchange (CSE) through an Initial public offering (IPO).

LCB Finance has already initiated and partly completed the listing process through its advisors to the listing, NDB Investment Bank.

Furthermore, it has already appointed law firm FJ & G de Saram as its legal advisors and Sampath Bank PLC as the banker to the IPO. LCB Finance is a unique financial institution in that it was born out of a grassroot level, which has spread its roots across the length and breadth of the island. LCB has been awarded Fastest Growing Non-banking Financial Firm in Sri Lanka 2021, at Global Economics Awards 2021 in the UK. It is a unique financial institute committed to uplifting the standards of living for low-income earners with its range of microfinance products. It has also been recognised as Emerging Finance Company of the Year 2019. The clientele of the company, among others, consists of farmers, fisherman, vendors and labourers and small business owners, making it truly a people’s development financial institution. Over the past three years LCB Finance has made of collective effort and a focus on overall betterment of communities. The signature of that trust is deeply ingrained in the business frame work of the firm.

LCB Finance caters to the needs of individuals across all categories of the economy, the overall logic of operations is strongly inspired by and flavoured with the idea that challenges are best met collectively and that such an approach adds value to individual effort. End of the financial year March 31, 2021, LCB Finance gained following financial highlights. Core capital Rs.2.16 billion, profit (PBT) Rs.100 million, operational profit Rs.122 million, total assets Rs.3,672 million, capital adequacy ratio 58 percent, credit portfolio Rs.2.56 billion.

ICRA Rating [SL] B+ Stable. The rating committee of ICRA Lanka Ltd, after due consideration of the latest and rapid development in the company, has revised it from [SL]B Stable Outlook to [SL]+ Stable.