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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » LB Tops In Deposits

LB Tops In Deposits

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1LB Tops In Deposits Empty LB Tops In Deposits Sun Mar 17, 2013 3:13 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
LB Finance plc has the biggest value of deposits according to Central Bank of Sri Lanka (CBSL), its Managing Director Sumith Adihetty told reporters on Wednesday.

The company’s deposits (excluding savings deposits) grew by 20% year on year (YoY) to Rs. 36.5 billion by last year end from 40,000 customers.

LB Finance on a Rs. eight billion turnover will have had seen profit after tax grow by 10% YoY to between Rs. 1.7-1.8 billion last year, he said.

Adihetty further said that despite a high interest rate regime their non performing assets amounted to only 2% of their total loan portfolio. He said that 75% of their lending is tied to leasing and hire purchase while the balance was on pawning. Typically a leasing arrangement is tied to between 4-5 years.

Lending rates are between 20-25%. The company has a 1,900 strong staff strength.

Meanwhile this finance company launched an “Avurudhu” promotional campaign for its depositors, where in a
similar campaign held last year the company got new deposits to the value of between Rs. 350-500 million from small deposits. The company at current rates pays a 15.82% annual interest on a six month deposit. LB Finance’s monthly interest payment bill is Rs. 200 million, said Adihetty.

Most of their customers hold deposits of a year’s tenure. “But we see people going for short term deposits probably due to uncertainty,’ he said.
http://www.thesundayleader.lk/2013/03/17/lb-tops-in-deposits/

2LB Tops In Deposits Empty Re: LB Tops In Deposits Sun Mar 17, 2013 4:45 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
This year appears to be a slower year of consolidation for LBF with PAT.

But note the the top line growth of nearly 45% more that is encouraging. Their admin costs are something they might have to control. With the major branch expansion they did things should improve in the coming year.

3LB Tops In Deposits Empty Re: LB Tops In Deposits Sun Mar 17, 2013 6:29 am

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
The company’s deposits may reach Rs 40 billion within end of this month.

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