Central Finance ends FY11 with pre-tax profit up 60% to Rs. 3.2 b

Wednesday, 25 May 2011 01:02 - - {{hitsCtrl.values.hits}}

Central Finance Plc has ended the 31 March, 2011 financial year with the Group pre-tax profit up by 60.3% to Rs. 3.24 billion whilst net profit grew by 67% to Rs. 1.75 billion.

Group after-tax profit had increased by 63% to Rs. 1.83 billion in 2010/11 from Rs. 1.12 billion.

As per provisional results released yesterday CF Group income rose by 7.6% to Rs. 8.19 billion whilst net interest income grew by 47% to Rs. 3.9 billion. Other operating income and other income amounted to Rs. 1.9 billion. Profit before loan losses and provisions was Rs. 3.2 billion, an increase of 49% whilst operating profit before VAT and tax was Rs. 3 billion, up by 63% over 2009/10 financial year.

In the fourth quarter Group income rose by 9% to Rs. 2.1 billion whilst pre-tax profit was Rs. 836 million, up by 27% and post-tax figure grew by 56% to Rs. 552.6 million. Net profit attributable to equity holders was Rs. 532 million, an increase of 56% over the fourth quarter of 2009/10 financial year. Group assets as at 31 March, 2011 crossed the Rs. 40 billion mark to finish with Rs. 41.23 billion, up from Rs. 35.4 billion a year earlier.

Net investment in leases crossed the Rs. 16 billion mark from Rs. 11.3 billion whilst loans and advances grew to Rs. 12.5 billion from Rs. 10.3 billion. CF Group’s liabilities rose from Rs. 25.8 billion to Rs. 29.87 billion with deposits growing to Rs. 18.75 billion from Rs. 17.2 billion.

Funds attributable to equity holders of parent also crossed the Rs. 10.8 billion mark from Rs. 9.1 billion in 2009/10.

Share price rise persists

SHARE price of Central Finance continued to rise yesterday from its record high on Monday.

It rose by Rs. 80.40 yesterday to close at Rs. 1,753.80 after hitting an intra-day peak of Rs. 1,775. On Monday CF rose by Rs. 71.50.