CDB submits listing application

Citizens Development Business Finance Ltd. (CDB) has submitted listing applications to the Colombo Stock Exchange the company said in a statement.

"We have submitted the listing application to the Colombo Stock Exchange. Once the approval process is finalized, CDB's shares are expected to be listed by September," CDB Chief Executive Officer Mahesh Nanayakkara said.

"By being a listed institution on the CSE, we intend to achieve multiple objectives of complying with regulatory requirements ahead of stipulated deadlines, broadening our shareholder structure, strengthening the capital raising ability to support future growth strategy and increasing transparency as a public listed institution", Nanayakkara added. The company announced its pre-tax profit of Rs 40.5 million for the first quarter of 2010, a growth of Rs 27.7 million or 217 percent over the corresponding period last year. The post-tax profit of CDB for the first quarter ended June 30, 2010 amounted to Rs 34.5 million, a growth of Rs. 24.7 million or 253 percent.

This remarkable performance was achieved through growth in total assets, revenue and improved margins.

"Our total asset base grew by 6.7 percent to reach Rs 7.1 billion reflecting an increase of Rs 449 million since 31 March 2010, while revenue reached Rs 416 million reflecting a growth of 14 percent over the corresponding period," he said.

The net interest income grew by 38.4 percent to Rs 162 million an increase of Rs 44.9 million over the corresponding period.