CDB PAT grows 12%
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CDB Managing Director and CEO Mahesh Nanayakkara |
As per interim results released to the Colombo Stock Exchange (CSE),
CDB recorded an impressive balance sheet of Rs. 31.6 billion as at
December 31, 2013 a growth of 29% from the last audited balance sheet
date of March 31, 2013.
The pre-tax profits for the nine months stood at Rs. 541 million, a
growth of 16% while after-tax profits grew to Rs. 429 million, a growth
of 12% in the backdrop of substantially higher impairment charges and
income tax expenses. Total comprehensive income was Rs. 621million.
Overall revenue wasRs. 4.5 billion, a growth of 47% compared to the
corresponding period.
Net interest income was Rs. 1.7 billion, a growth of 35%. This
underlining momentum has been fuelled by a deposit portfolio growth of
27% or Rs. 22.5 billion while the loan book grew by 25% to stand at Rs.
24.4 billion. EPS recorded Rs. 7.90 for the nine months while book value
per share stood at Rs. 64 as at December 31, 2013.
According to CDB Managing Director and CEO Mahesh Nanayakkara, "It is
certainly another milestone for CDB to surpass the 30 billion mark in
total assets and this provides us further capacity to serve customers as
one of the strongest financial institutions in the country."
Recently CDB successfully completed its first listed debenture issue
of Rs.1.0 billion which was oversubscribed on the opening day. Managed
by CDB's Corporate Finance Division, the issue strengthens the Tier 2
capital base of the company helping to maintain a healthy capital
adequacy ratio.
During the period under review CDB opened 16 new outlets and obtained
its first foreign funding line of US$ 6 million from a multilateral
agency from Belgium Investment Organisation in Brussels. |
