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LCB Finance LCB Finance continues growth momentum

Daily News LCB Finance continues growth momentum in Q1 with 68% PBT growth CEO/Executive Director KG Leelananda AGM-Finance & Strategic Planning Kelum Wannige Posting a steady performance, LCB Finance Ltd recorded a profit before tax of Rs. 31 million for the first quarter of the financial year 2021/22, indicating a growth of 68% in comparison to the corresponding period in the previous financial year The company's net operating income for the same period increased by 52% to Rs. 93million. Total assets for the period stood at Rs. 3.6 billion in comparison to Rs. 3.2 billion was recorded during the corresponding period in the previous financial year. Despite the prevalent pandemic, we continue to pose complex economic challenges, remain confident of our ability to pursue sustainable growth and create value for all stakeholders. The company is planning to list on Colombo Stock Exchange via IPO this year and the process is managed by NDB Investment Bank. IPO of Lanka Credit and Business Finance Limited for the raising of a sum up to Rs 300 million by the issue of 75 million new ordinary shares at an issue price of Rs 4 per each share by way of an offer for a subscription to the public, in the first instance and the raising of a further sum up to Rs 200 million by the issue of a further 50 million new ordinary shares at the said issue price of Rs 4 per share under such offer for subscription at the option of the Board of Directors of LCBF in the event the initial issue is oversubscribed The IPO is carried out to comply with the directive of the Central Bank of Sri Lanka to list the shares of LCBF as well as to raise funds to meet the minimum core capital requirements stipulated by the Central Bank of Sri Lanka in terms of the Finance Business Act No. 42 of 2011 and directions issued thereupon. LCB Finance intends to increase its branch network up to 20 from the current 8 branches at the end of the financial year 2021/2022. 29/09/2021 Daily News Pg 17