Lanka Credit and Business Finance honored with ‘Fastest Growing Non-Banking Financial Firm in SL’ award

Lanka Credit and Business Finance Limited was the recipient of the “Fastest Growing Non-Banking Financial Firm in Sri Lanka 2021” award at the Global Economics Awards 2021.

CEO/Executive Director, K. G. Leelananda, said the guidance, direction and active participation of the Board of Directors helped in a big way to win this accolade. The financial growth also reflected the efforts that contributed towards the company’s journey to greater heights.

“This is still a journey and not a destination for the company. The Board of Directors, the Corporate Management and all staff members were able to maintain the profitability and liquidity of the company, enduring the impact of Covid-19 pandemic whilse granting the debt moratorium and other relief measures to affected customers as per Central Bank circulars, and all in all, contributed towards clinching this award”, he stressed.

Commenting on the background of the company, he further said: “In 2018, we acquired the troubled City Finance Corporation Limited and changed its corporate identity to Lanka Credit and Business Finance Limited with the approval of the Central Bank. Among other factors, the focus was on repayment of depositor holdings of the acquired company, which is now reaching its conclusive stage”.

“After acquiring the license of City Finance Corporation, we have been operating as a strong and a profitable venture. Lanka Credit and Business Finance Ltd was recognized as the “Emerging Finance Company of the Year” at the 4th edition of the South Asian Business Awards – 2019″, Leelananda added.

He said that despite the Covid-19 related adverse economic conditions, the holding company, Lanka Credit and Business Limited, infused fresh capital to meet the current prudential Core Capital requirements of the Central Bank. The company is now looking at listing its shares on the Colombo Stock Exchange to comply with the direction of the Central Bank to meet the future Core Capital requirement of Rs 2.5Bn before the January 1, 2022 target date.