Citizens Development records Rs. 757 m revenue in 1 H, 2009

Citizens Development Business Finance Ltd (CDB) recorded Rs. 757Mn revenue for the first six months of 2009 in the context of a challenging environment.

CDB's Director/GM/CEO Mahesh Nanayakkara said, "Our results are a testimony of our strong commitment towards corporate governance not merely as a compliance requirement but as an indispensable tool that adds value to the business, thereby safeguarding the interest of all stakeholders".

During the six-month period ending June 30, 2009, CDB's revenue recorded Rs. 757Mn compared to the corresponding previous period of Rs. 753Mn.

Net interest income recorded a growth of 36 percent compared to the corresponding previous period recording Rs. 238Mn. Profit after tax recorded Rs. 25Mn compared with the Rs. 29Mn recorded in the corresponding previous period.

Total assets recorded Rs. 5,493Mn as at June 30, 2009 compared to Rs. 6,384Mn recorded as at June 30, 2008.

CDB's Senior Manager - Business Development Malcom Weerasuriya said that the CDB is in a strong position to capitalize on the opportunities available in the new era of Sri Lanka following the eradication of terrorism in the county.

He said that the CDB is strongly committed to broaden its business domain geographically and product-wise with a special focus on making finance/lending products accessible to the bottom of the pyramid market as well as to the rural sector.

CDB's Senior Manager - Finance and Planning Damith Tennakoon said, "A positive stance adopted by the international funding agencies is the best testimony of the faith they have in our country's future potential.

We have absolutely no doubt that it is going to be a quantum leap as far as our country's economic development is concerned".

He commended the initiatives taken by the Central Bank of Sri Lanka to make it a mandatory requirement for institutions registered under the Finance Companies Act to obtain a listing.