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Ceylinco Development Bank, which celebrated its 10th anniversary has posted notable results for the year ending December 31, 2005.

Chairman, Dr. Lalith Kotelawela, in his Annual Report, said there was a net profit after tax growth of 262% compared with the previous year's figure of Rs. 39.49 million.

Revenue also saw an increase of 67% recording Rs. 363 million, with the total asset base of the Bank displaying a 74% increase over the previous year at Rs. 2,575 million.

"The Bank's performance reflects a strong consolidation on the turnaround financial performance of the Bank in 2004, through a well crafted strategy execution," he said.

The CEO in his review said, "Interest income increased by 64% to Rs. 309 million, while other income grew by 80% to record Rs 54 million. Net interest income grew by 110% over the last year to Rs. 105 million.

Overall, the bank recorded a net income of Rs. 159.2 million, which is a healthy increase of 98% over the last year." The operational structure of the bank was subjected to several changes during the year to facilitate and support the strategic focus of the Bank, mainly targeting diversification of business areas. "The quality of loan and lease portfolios have been maintained well above the industry standards with non performing and infected ratios at 2% and 0.87%."

CDB's financial performance also contributed in improving the return on average total assets of the Bank to 1.93% compared to 0.92% in 2004 and Earnings Per Share (EPS) of Rs. 3.06 compared to 87 cents in 2004, a growth of 251%.

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