LB Finance PLC, the undisputed leader in the non-banking sector, recorded a whopping Rs. 9.8 billion operating profit before tax (PBT) on financial services for the year ending March 2019, showing a substantial 24.9% increase from Rs. 7.8 billion in the preceding year. The company has grown from strength to strength in the past few years, triumphing against issues in the industry and turning around adverse situations to the company’s advantage. Leveraging on customers’ loyalty, the company surpassed the Rs. 5 billion mark for the first time in its history by recording a profit after tax of Rs. 5.1 billion, showing an 18.9% growth over the previous year’s mark of Rs. 4.3 billion. Profit before taxes for the year under review was Rs. 7.7 billion, which was another remarkable 19.5% increase from Rs. 6.5 billion in the year before, given the unstable political condition of the country in the latter part of the year. The company has solidified its position in the hearts and minds of its customers, being named the People’s Financial Service Provider for the year 2018/19. The net interest income of LB Finance for the year ended 31 March 2019 was recorded as Rs. 14.4 billion. This is a significant 21.2% increase from Rs. 11.9 billion in the year before, standing testament to the company’s success. The recorded income for the same period was Rs. 29.3 billion. This is up by 16.9% from the same period in the previous year, which was at Rs. 25 billion. Highlighting the public trust in the company as well as its popularity with the public, LBF surpassed the impressive Rs. 80 billion mark in their deposit base, recording Rs. 83.2 billion from Rs. 73 billion in the year before. In its 48-year history, LBF has made – and continues to do so – great strides in the industry and has proven its mettle, standing strong and stable in times of financial and political stress, which is apparent in the numbers it has recorded in the year. Total assets of LBF increased to Rs. 136.4 billion from Rs. 120.8 billion in the year preceding. The net asset value per share stands at 133.03 up from 110.81in the year before. A lower NPL ratio can be observed when compared with market rates where LBF maintained its NPL rate at 2.69% while the industry rate was 7.7%. Commenting on the performance, LB Finance Managing Director Sumith Adhihetty stated: “A few issues within the country and the industry had some impact on the performance of the company. These include the political instability in November 2018, lowered investor confidence, policy changes affecting duties and taxes, and the increasing volatility in foreign exchange. However, LB Finance managed to triumph through all these issues, with the ratio of FD renewals speaking of the trust the customers continue to have in the institution. LB Finance has an A-(lka) rating from Fitch Ratings with a stable outlook. This rating is testament to the low default risk and strong capacity for repayment of commitments that LB Finance has.”