CDB assets to Rs 20 bn
Citizens Development Business Finance PLC (CDB) surpassed the Rs. 20
billion mark in total assets as per the interim results released to the
Colombo Stock Exchange (CSE).
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Mahesh
Nanayakkara |
Herschel
Gunawardena |
With this milestone, CDB stands amongst the seven largest
institutions coming under the Finance Business Act. Bottom line results
for the six months ending 30th September 2012 and in the 2nd quarter,
excluding mark to market value adjustments, reflected a growth of 11.56
% and 15.79 % respectively in comparison to the corresponding period in
the previous financial year. Profit after Tax for the 06 months recorded
a figure of Rs. 245.5 million.
CDB's Balance Sheet grew by 21.79 % during the six months period
ending September 30,2012 since the last audited Balance Sheet date of
March 31, 2012, recording a figure of Rs. 20.15 billion. Revenue during
the six months grew by 48 % to Rs. 1.92 billion whilst net interest
income recorded a gr owth of 37 %. Gross Non-performing Loans (NPL)
stood at 2.54 % (Net NPL was 1.17 %).
The capital position was at a sound Rs. 2.48 billion with Capital
Adequacy Ratios both at Tier 1 and 2 maintained at 15.21 % and 15.40 %
respectively. CDB also proactively engaged in the timely re-pricing of
assets and liabilities and managing the pressure on interest rate risks
and liquidity whilst actively supporting growth of the loan book.
The Statutory Liquidity Ratio at 15.85 % is well above the regulatory
requirement of 10 % and is augmented with 89 % of Balance Sheet assets
in regular interest and cash flow generating assets, including the asset
backed loan portfolio. CDB's Managing Director/CEO, Mahesh Nanayakkara
said that CDB has adapted to the changed market profile and is moving
towards achieving the set targets for the current financial year. CDB
achieved some key industry milestones during the period under review.
CDB became the first Non Bank Financial Institution (NBFI) in Sri Lanka
to sign up with VISA International, first NBFI to obtain membership of
Sri Lanka Inter bank Payment System (SLIPS).
CDB also became the first and only NBFI to roll over a Core Bank
Integrated Software Solution backed by Polaris of India and Millennium
Information Technology (MIT) a member of London Stock Exchange.
CDB's distribution network has been further expanded and strengthened
with the addition of 07 new outlets during this period bringing the
total network to 43 outlets across the country.
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