CDB records steady growth for 2012/13

Citizens Development Business Finance PLC (CDB) has recorded steady growth in all aspects of business for 2012/13 according to the unaudited results released to the Colombo Stock Exchange (CSE).

The current year's figures have been stated in compliance with the LKAS/SLFRS while the comparative figures are based on SLAS in accordance with the ruling issued by the Institute of Chartered Accountants of Sri Lanka.

The balance sheet has recorded a growth of 48% documenting 24.49 billion. Revenue grew 50% recording 4.31 billion.

Net interest income recorded a growth of 36% at 1.70 billion. Interest income increased 60% while interest expenses increased by 83% due to increases in market interest rates during most parts of the period under review. Profit before tax stood at 669.99 million compared to last year's 644.27 million.

Profit after tax of Rs. 534.87 million compared to Rs. 630.43 million in the corresponding period of the past year has been in the backdrop of a over nine-fold increase in income tax expenses. Total comprehensive income for the year stood at 761.32 million.