Continued improvements in key performance indicators in the third quarter of 2010 enabled Citizens Development Business Finance Ltd (CDB) to record a noteworthy profit growth for the nine months ended 31 December 2010.The Company’s pre-tax profit has gone up by 938% to record Rs. 331.7 million up from Rs. 31.9 million for the corresponding period last year, while revenue reached Rs. 1492 million projecting a growth of 35% over the corresponding period. CDB’s total asset base has grown from mere Rs. 276 million to Rs. 9 billion.
The annual revenue has grown from mere Rs. 25 million to around Rs.2 Bn. Net assets which recorded a negative figure in 2001 have been converted to a positive of Rs. 800 million. From the loss making status in 2001, CDB has continuously recorded growth in profitability since 2004 and posted a net profit figure surpassing Rs.300 million for the first nine months of the current financial year (2010/2011). CDB was recently assigned BBB-/P3 credit rating by RAM Rating (Lanka) Ltd. We are confident in concluding the current financial year (2010/2011) with the same momentum in bottom-line results".
Nnet interest incomegrew by 79% to Rs. 583 million, an increase of Rs. 257 million over the preceding year.
While the overall NPL ratio stood at 4.48% at 31 December 2010. The earnings per share recorded a figure of Rs. 7.83 for the period under review. Mark to market value adjustment of investment in listed shares amounting Rs.114 million also has contributed significantly to the bottom-line results.
source - www.island.lk
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