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CDB profits soar to Rs. 100Mn. in first half of 2010/11

Oct 30, 2010 11:45:01 PM - thecolombotimes.com

Colombo. Thursday 28 October 2010. Citizens Development Business Finance Ltd (CDB) reported a remarkable upturn in its performance for the half year ended 30 September 2010 as per the interim financial statements. 

An elated CDB’s Director/CEO Mahesh Nanayakkara said that the Company’s pre-tax profit has gone up by over 5 times to record Rs. 112Mn up from Rs. 19Mn for the corresponding period of last year. “This is a significant landmark in the history of CDB. Post-tax profit recorded was Rs.100Mn while revenue reached Rs. 882Mn for the six months ending 30 September 2010 projecting a growth of 21% over the corresponding previous period,” he added.  

CDB’s AGM Finance & Planning Damith Thennakoon said, “Our total deposit base increased to Rs. 6Bn, a growth of 25% or Rs. 1.2Bn from the last financial year end. Our average monthly net deposits recorded a figure of Rs. 160Mn during the period under review. Net interest income increased by 69% to Rs. 365Mn or an increase of Rs. 149Mn over the corresponding previous six months. The 2nd quarter’s net profit after tax figure recorded a figure of Rs. 65Mn compared to the 1st quarter figure of Rs. 35Mn reflecting a growth of 185%.