Ceylinco Development Bank posts Rs. 44 million net profit

Ceylinco Development Bank (CDB), the development banking arm of Ceylinco Consolidated augmented its 2005 performance by posting a net profit after tax of Rs 44 million for the year ended December 31, 2006, an increase of 12% over the previous year.

Revenue showed a growth of Rs 275 million, a 75% increase to Rs 638 million. For 2006, net interest income increased by 58% or Rs 78 million to Rs 211 million.

CDB's total asset base stands at Rs 4,078 million for the year under review, compared to Rs 2,576 million recorded at the end of 2005 a growth of 58%. ROA is 1.32%, while Earnings Per Share is Rs 3.

CDB with a history of 11 years is strongly consolidating its performance, playing a differentiating role in the financial service industry and focusing on expanding its services outside the western province in the future. CDB currently serves a client base of over 20,000, a base that comprises a segment not serviced by any other financial institution.

This fills a market vacuum, which also makes the Bank play a pivotal role in the national economy.