CDB PAT up 25 percent in FY 2014-15

Citizens Development Business Finance PLC (CDB) posted a 25% growth in profit after tax to notch Rs 701 mn as profit, as detailed by interim results released to the Colombo Stock Exchange.

CDB's Balance Sheet showcases growth of 13% standing at Rs 38.01 bn, the Loan Book detailing an incline of 14% at Rs 29.38 bn and the Deposits and Savings portfolio growing by 10% to Rs 27.07 bn.

Net assets is recorded at Rs 4.30 bn reflecting a growth of 20%. Revenue recorded a growth of 9%, commendable given the low interest backdrop experienced, while Net Interest Income also moved upwards by 23% to Rs 2.87 bn.

Profit Before VAT on Financial Services, Crop Insurance Levy, Nation Building Tax and Income Tax surpassed a milestone of Rs 1 bn, showcased at a historic Rs 1.04 bn, reflecting a growth of 33%. Despite an increase of 48% in income tax, the company showcased an impressive Rs 701 mn in profit after tax.