CDB pre-tax profits up by 43% in Q1 FY2013/14

Wednesday, 14 August 2013 00:00 - - {{hitsCtrl.values.hits}}

Citizens Development Business Finance PLC (CDB) recorded impressive financial results for the first quarter of the 2013/14 financial year, posting a pre-tax profit figure of Rs. 169 million. This reflects a growth of 43% in comparison with the corresponding previous quarter as per the interim results released to the Colombo Stock Exchange. Profit after tax recorded a growth of 30%, at Rs. 135 million. Total comprehensive income recorded a figure of Rs. 220 million.

Revenue surpassed the Rs. 1 billion mark during the quarter, recording a figure of Rs. 1,383 million, reflecting a growth of 54% compared to the corresponding previous quarter. Net interest income grew by 52% on the same basis, recording a figure of Rs. 541 million. During the quarter, the asset base grew by 8.5% from the previous financial year ended 31 March 2013, thus surpassing the Rs. 26 billion mark. The loan book grew by 9.3%, recording a figure of Rs. 21.2 billion while the deposit base grew by 9.2%, recording a figure of Rs. 19.4 billion. Earnings per share for the quarter recorded a figure of Rs. 2.49 whilst net assets value per share stood at Rs. 56.61 as at 30 June 2013. CDB holds a strong capital position with a capital adequacy ratio of 13.98% (tier I and II) which is well above the minimum requirement (tier I – 5% and tier II – 10%) stipulated by the Central Bank of Sri Lanka. Capital funds to total deposit liabilities stood at 15.88% against the Central Bank’s requirement of 10%. Shareholders’ funds stand at Rs. 3 billion. CDB’s liquidity ratio stood at 12.66%. The results posted for the first quarter of 2013/14 are seen as a continuation of the growth in financial results posted during the previous financial year. CDB also opened three new outlets, expanding the online connected distribution network to 47. CDB won the industry silver award, top national honours at the ‘Vision Awards 2012’ annual report competition conducted by the League of American Communications Professionals in Florida, USA for the ‘Secret of Success’ thematic annual report for 2012/13. CDB was presented an award in branding and marketing excellence in the banking, financial and insurance category at the fourth CMO Asia Awards for Branding and Marketing hosted by the World Brand Congress held at Pan Pacific Hotel in Singapore recently.