Citizens Development Business Finance PLC (CDB) reinforced its dominance as a disruptor in the financial intermediary business in Sri Lanka with its exceptional financial results for FY 2018/19, posting profit before taxes of Rs 2.7 billion, an increase of 34% as per the interim group financial results released to the CSE.
Within its relatively short journey in Sri Lanka’s financial services industry, CDB has climbed the zenith to rank within the Top 5 largest Non-Bank Financial Institutions in the country, possessing an asset base of Rs 91.9 billion, which at Company level is posted at Rs 89.4 billion. Its strong balance sheet assets collates 93% of regular cash flow and income generating assets.
The Group’s revenue for this FY of Rs 16.9 billion reflects a growth of 40%, while net interest income showcases an increase of 52%, at Rs 5.5 billion. Profit before taxes recorded a figure of Rs 2.7 billion reflecting a growth of 34%.
Taxes amounting to Rs 951 million reflecting an increase of 58% in comparison to the corresponding previous period includes VAT on financial services, debt repayment levy, Nation Building Tax, crop insurance levy & income tax.
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