“With many things around us changing, we looked inward to strengthen our systems and processes which helps to face the future with confidence. Despite the constraints imposed by the pandemic, I am happy to report we made progress on many fronts. A new Credit Policy Framework was developed and rolled out to create a foundation to promote more high quality lending. We were able to complete our data warehousing project and increase the degree of automation across the business in order to promote greater cost discipline at a business unit level. We also began working on a new Data Protection procedure in readiness to comply with the CBSL’s proposed new Data Protection Act due to be gazetted in 2021 and went ahead with new protocols. Commissioning of the LB Center for Technology and Innovation (CTI) was another huge milestone for the current financial year. The CTI is resourced with a team of specialist data scientists focusing on developing customised solutions to boost our operational capability and network capacity.
With Sri Lanka now in the throes of a fully blown third wave of COVID-19 infections, it seems obvious that the pandemic is something we will have to live with for some time. On this basis it can be assumed that more challenges are likely to materialise in the coming months. Nonetheless, having emerged relatively unscathed from the pandemic impact thus far, definitely puts LBF on a firmer footing to tackle what lies ahead. Going forward, we expect to remain fully focused on supporting SME sector growth. We have set out ambitious plans in this regard and have even commenced talks to secure a special USD credit line to empower the SME sector to reach its true potential and position itself as the backbone of the Sri Lankan economy in the years ahead.”
Corporate Social Responsibility (CSR) has long been core to our business model and hence it has been a part of our culture, business principles and day-to-day operations. Strengthening our commitment to CSR further, we launched CSR as LBF Sustainability.
We conduct our business practices with transparency and accountability.We are responsible for the products and services we offer and offer them with the highest level of customer satisfaction. We attract and retain the best talent in the industry while continuing to invest in their development and creating a diverse, safe and rewarding workplace. We develop a model for community engagement in order to make a difference in the communities where we have a presence while partnering with them to strengthen our relationships. We are responsible towards the environment and preserve it to ensure long-term sustainability.
Our aim is to provide sustainable business practices while working to improve the environmental, social and economic aspects of key stakeholders. Integrate the sustainability principles within our business strategy and ensure that we review impacts of our actions on all three aspects of people, planet and profits whilst balancing stakeholder expectations.
We initiated a strategic shift in our Corporate Social Responsibility approach: moving from a national level focus to a more strategic approach by addressing the international sustainability agenda. LBF has always followed universally accepted guidelines. Analysing the emerging concepts of the global context, we focus our sustainability philosophy on the Sustainable Development Goals (SDGs) put forward by the United Nations (UN), which was implemented as of January 2016. It consists of a call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. This framework is aimed at bold and transformative initiatives which will lead the world on a sustainable and resilient development path. In order to support this sustainability agenda, we have taken steps to align our sustainability platform with the Sustainable Development Goals. SDGs are integrated and inter-connected, and balance the three aspects of sustainable development, i.e., the economic, social and environmental aspects. Our track record of working towards multiple goals provides us with a valuable experience and proven policy expertise to ensure we all reach the targets set out in the SDGs by 2030.
Leading the way as a responsible corporate citizen, LBF has embraced sustainability as a high priority item in its corporate agenda.Since we recognise the importance of being sustainable in all aspects of our operations, values of sustainability are embedded in the strategy, product development as well as in the operations.
We drive our sustainability values with commitment and dedication, with the stewardship from the Board itself, in order to create a sustainable future for all our stakeholders. This stems from the Management focus on creating value for the stakeholders through our operation and the corporate transformation for sustainability. It is our firm belief, that unless we adopt a sustainable business model, the Company, too will be non-existent in the long run.
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