LCB preps for IPO
- Partly completed listing process
Lanka Credit and Business (LCB) Finance is preparing to list their shares in Colombo Stock Exchange through an IPO. They have already initiated and partly completed the listing process through their Advisors to the listing, NDB Investment Bank.
Furthermore, LCB Finance has already appointed Law Firm FJ & G de Saram as their Legal Advisors and Sampath Bank PLC as the Banker to the IPO. LCB Finance Ltd. is a financial institution that was born out of a grassroot level, which has since 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 the Global Economics Awards 2021 in the UK. It is committed to uplifting the standards of living for low income earners with its range of micro finance products. It was also recognised as the “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 them a people’s development financial institution.Over the past three years they have made a collective effort and focused on overall betterment of communities.
End of the FY that ended 31 March 2021, LCB Finance gained the 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%, 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 been revised from [SL]B stable outlook to [SL]+ Stable.