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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » CDB profits down 15%

CDB profits down 15%

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1CDB profits down 15% Empty CDB profits down 15% Fri Jun 07, 2013 11:49 pm

CSE.SAS

CSE.SAS
Global Moderator

Citizens Development Business Finance PLC (CDB) saw profits fall 15 percent to Rs. 534.8 million for the financial year ended March 31, 2013, from Rs. 630.4 million a year earlier on rising interest expenditure.

The balance sheet recorded a growth of 48 percent documenting a figure of 24.49 billion. Revenue reflected a growth of 50 percent recording a figure of 4.31billion. Net interest income has recorded a growth of 36 percent at 1.70 billion. Interest income reflected an increase of 60 percent whilst interest expenses increased by 83 percent indicating the adverse impact on margins due to increases in market interest rates during most part of the period under review, CDB said in a statement.

Profit before tax stood at 669.99 million up 4 percent from 644.27 million a year ago. Profit after tax of Rs.534.87 million in comparison to Rs.630.43mn in the corresponding previous period has been in the backdrop of over 9 fold increase in income tax expenses, the company said.

Total comprehensive income for the year stood at 761.32mn

Balance sheet growth has been strongly supported by a loan book growth of 47 percent and a deposit base growth of 56 percent recording figures of 19.45 billion and 17.8 billion respectively. The net and gross non performing loan ratios (NPL) stood at 1.27 percent and 2.32 percent respectively.

Strong liquidity position reflecting 90 percent of the balance sheet assets in regular income and cash flow generating assets coupled with statutory liquidity ratio of 14.65 percent at the year end well above the regulatory requirement of 10 percent. CDB also enjoyed a strong capital position with capital adequacy ratio of 14.43 percent well above the regulatory requirement of 10 percent and Shareholders’ Fund standing at 3.00bn reflecting a growth of 30 percent.

Earnings per share recorded a figure of Rs.9.98 whilst net assets value per share stood at Rs.55.32.

The impact of the drop in gold prices has had minimum impact on CDB as exposure to gold-backed assets stood at 4.3 percent of balance sheet assets, CDB said.

Board of Directors has proposed a first and final dividend of Rs.2.75 per share for the approval of the shareholders.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=80768

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