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

Company ‘progressing’ to have its shares listed on CSE

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

K G Leelananda CEO/ Executive Director said the commitment of the Board of Directors led to the achievement of this award.

“In the year 2018, we acquired sickCity Finance Corporation Limited, changed its name to Lanka Credit and Business Finance Limited with the due approval of the Central Bank of Sri Lanka, which was subject to among others to the repayment of deposits of the acquired company which is now reaching the ending stage. After the acquisition of the license of City Finance Corporation, Lanka Credit and Business Finance is operating as a strong and a profitable venture. Lanka Credit and Business Finance Ltd was recognised as the “Emerging Finance Company of the Year” award at the “4th edition of South Asian Business Awards– 2019. Despite the prevailing vulnerable economic conditions due to the pandemic, our holding company Lanka Credit and Business Limited was successful in providing fresh capital to meet the current prudential core capital requirements of the Central Bank of Sri Lanka. The company is now progressing to have its shares listed on the Colombo Stock Exchange, with a view to complying with the Direction of CBSL to meet the future core capital of Rs 2.5 bn before the target date 01.01.2022,” he said.

“The company recorded a remarkable growth during the period 2020/2021. As at end April 2021 the total capital funds reached to Rs 2,175 mn. the Capital adequacy ratio was 51.78%, total assets amounted Rs3,747 mn and the total credit portfolio reached Rs 2,515 mn.