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LB Finance

L B Finance PLC sometimes spelt LB Finance, is a Sri Lankan non-bank financial institution. The company is incorporated in 1971 and initially, the majority of shares were held by Lewis Brown & Company. The company was listed on the Colombo Stock Exchange in 1997. In 2003, Dhammika Perera acquired the company and became a subsidiary of Vallibel One. Currently, the company is one of the components of the S&P Sri Lanka 20 Index. Brand Finance ranked the company 24th in the 100 most valuable brands in Sri Lanka.[2] The company placed 39th in the LMD 100 for the financial year 2019/20.[3]

History

L B Finance was incorporated in 1971 and in 1997 was listed on the Colombo Stock Exchange. Initially, Lewis Brown & Company held the majority (94.9%) of the company's shares. In 1994, Vanik Corporation acquired the company and in 2003 Dhammika Perera took over the company and subsequently became a subsidiary of Vallibel One. The company became the second-largest licensed finance company.[1] A premier customer centre was opened in Cinnamon Gardens exclusively for high-value clients. The centre is geared with an eco-friendly and luxurious setting.[4] In January 2021, the company announced a four-for-one stock split and it resulted in a 38% share price rise.[5]

Operations

L B Finance's headquarters is located in Dharmapala Mawatha, Kollupitiya and the 100th branch office was opened in Jaffna. The company is taking part in the Sri Lanka Interbank Payment System.[1] At the 2021 SLIM-Nielsen Peoples Awards, L B Finance bagged the financial service provider of the year award.[6] Fitch Ratings affirmed A- rating for the company in September 2021 and the outlook was adjudged as stable.[7] K Seeds Investments, a Sri Lankan boutique investment bank ranked L B Finance the best performing finance company in the category of companies which asset base is greater than one billion rupees. The company has recorded a LKR1.34 billion profit for the first quarter of the financial year 2021/22, the highest among the 29 listed finance companies.[8][9] L B Finance secured a US$15 million loan from FMO, a Dutch bank, to support the small and medium enterprise sector.[10] L B Finance donated a ventilator to Maharagama Apeksha Hospital during the COVID-19 pandemic.[11] LB Finance bought a controlling stake in Multi Finance in 2022. LB Finance acquired 64% of the Stake in Multi Finance for LKR400 million from Fairway Holdings.[12]

On 26 November 2025, it was reported that LB Finance has completed the acquisition of Associated Motor Finance Company PLC in a deal worth over Rs. 4.1 billion (approximately US$13.37 million).[13]

See also

External links

References

  1. Annual Report 2022/23 cse.lk, L B Finance PLC, retrieved 9 June 2023^
  2. LB Finance brandirectory.com, Brand Finance, retrieved 13 November 2021^
  3. Top 50 chronology lmd100.lk, LMD, retrieved 13 November 2021^
  4. LB Finance opens Premier Colombo 07 ft.lk, Wijeya Newspapers, 30 August 2019, retrieved 13 November 2021^
  5. LB Finance share sub division boosts price to all-time high ft.lk, Wijeya Newspapers, 28 January 2021, retrieved 13 November 2021^
  6. LB Finance - Financial Service Provider of the Year Sunday Observer, Associated Newspapers of Ceylon, 28 March 2021, retrieved 13 November 2021^
  7. Fitch Affirms LB Finance at 'A-(lka)'; Outlook Stable fitchratings.com, Fitch Ratings, retrieved 13 November 2021^
  8. LB Finance No.1 in K Seeds Investments in 1Q dailynews.lk, Associated Newspapers of Ceylon, 2 September 2021, retrieved 13 November 2021^
  9. Ranking of Listed Finance Companies in Sri Lanka K Seeds Investments, retrieved 13 November 2021^
  10. LB Finance secures US $ 15mn FMO loan to support SME sector dailymirror.lk, Wijeya Newspapers, 6 May 2021, retrieved 13 November 2021^
  11. LB Finance donates ventilators to Apeksha Hospital Maharagama dailynews.lk, Associated Newspapers of Ceylon, 1 March 2021, retrieved 13 November 2021^
  12. Sri Lanka’s LB Finance buys tiny Multi-Finance Economy Next, Echelon Media, 16 March 2022, retrieved 1 September 2022^
  13. LB completes acquisition of 73.11% AMF stake for Rs. 4.1 b Daily FT, 2025-11-26, retrieved 2025-11-26^