CDB surpasses Rs. 20 b mark in total assets

Citizens Development Business Finance PLC (CDB) surpassed the Rs. 20 b mark in total assets as per the interim results released to the Colombo Stock Exchange (CSE).

Bottom line results for the six months ending September 30, 2012 and in the second quarter, excluding mark to market value adjustments, reflected a growth of 11.56 percent and 15.79 percent compared to the corresponding period in the previous financial year. Profit after tax for the six months was Rs. 245.5 m.

CDB's Balance Sheet grew by 21.79 percent during the six months period ending September 30, 2012 since the last audited Balance Sheet date of March 31, 2012, recording Rs. 20.15 b.

Revenue during the six months grew by 48 percent to Rs. 1.92 b while net interest income recorded a growth of 37 percent. Gross Non-performing Loans (NPL) stood at 2.54 percent (Net NPL was 1.17 percent).

The capital position was at a sound Rs. 2.48 b with Capital Adequacy Ratios both at Tier 1 and 2 maintained at 15.21 percent and 15.40 percent.

CDB also proactively engaged in the timely re-pricing of assets and liabilities and managing the pressure on interest rate risks and liquidity whilst actively supporting growth of the loan book. The Statutory Liquidity Ratio at 15.85 percent is well above the regulatory requirement of 10 percent and is augmented with 89 percent of Balance Sheet assets in regular interest and cash flow generating assets, including the asset backed loan portfolio.

CDB's Managing Director and CEO, Mahesh Nanayakkara said that CDB has adapted to the changed market profile and is moving towards achieving the set targets for the current financial year.