Friday, 1 November 2013 03:34
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Citizens Development Business Finance PLC (CDB) has recorded steady growth of 13% in profits after tax, continuing its growth momentum into the financial year 2013/2014. CDB earned Rs. 270.97 million in the six months ending September 2013, according to interim results released to the Colombo Stock Exchange.
Pretax profits grew by 24%, resulting in profits of Rs. 355 million on the same basis. The total comprehensive income for six months amounted to Rs. 414.51 million.
CDB’s balance sheet recorded a figure of Rs. 29.1 billion as at 30 September 2013, a growth of 19% from the last audited balance sheet date. Revenue growth was recorded at an impressive 52%, reflecting a figure of Rs. 2.9 billion in total while net interest income was Rs. 1,095 million, a growth of 44%. Earnings per share was Rs. 4.99 while net assets value per share stood at Rs. 60.20 with net assets amounting to Rs. 3.27 billion by the end of September this year.
During the same period, CDB’s Asset Backed Loan book grew by 19% or Rs. 23.2 billion, whilst their deposit portfolio recorded a figure of Rs. 21.38 billion (a growth of 20%). This allowed CDB’s Savings Portfolio to surpass the half a billion mark. CDB’s Statutory Capital and Liquidity Ratios were above the regulatory required levels whilst maintaining 90% of balance sheet assets in regular cash flow and interest bearing assets, ensuring a strong liquidity position.
CDB further expanded its distribution network, adding 12 new outlets which brought its online connected distribution network to 56 across the island. This was coupled with 24-hour accessibility for 365 days of the year via the single largest local ATM network at Commercial Bank of Ceylon as well as worldwide through ATMs carrying the VISA logo. CDB has offered ultimate convenience in accessing client accounts with its CDB VISA International Debit card.
In a recently concluded breakthrough transaction, CDB also obtained its first foreign funding line from a multi lateral Agency for $ 6 million from Belgium Investment Company (BIO) based in Brussels, Belgium.
