CDB pre-tax profits up 43% in Q1, 2013/14

Citizens Development Business Finance PLC (CDB) recorded impressive financial results for the first quarter of the financial year 2013/14 posting a pre-tax profit of Rs 169 million.

This reflects a growth of 43% compared to the corresponding previous quarter as per the interim results released to the Colombo Stock Exchange. Profit-after-tax recorded Rs 135 million, a growth of 30%. Total comprehensive income was Rs. 220 million.

Revenue surpassed the Rs.1 billion mark during the quarter recording Rs. 1,383 million, a growth of 54% compared to the corresponding previous quarter. Net interest income grew by 52% on the same basis recording Rs 541 million.

During the quarter, the asset base grew 8.5% from the previous financial year ending March 31, 2013, surpassing the Rs 26 billion mark. The loan book grew by 9.3% recording Rs 21.2 billion while the deposit base grew by 9.2% recording Rs. 19.4 billion.

Earnings per share for the quarter recorded Rs 2.49 while net asset value per share was Rs 56.61 as at June 30, 2013. CDB has 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.