As per interim results released to the Colombo Stock Exchange (CSE), CDB recorded an impressive balance sheet size of Rs. 31.6 billion as at 31 December 2013 reflecting a growth of 29% from the last audited balance sheet date of 31 March 2013.
The pre-tax profits for the nine months stood at Rs. 541 million, a growth of 16% while after-tax profits grew to Rs. 429 million, reflecting growth of 12% in the backdrop of substantially higher impairment charges and income tax expenses. Total comprehensive income for the period was Rs. 621 million.
During the nine months, overall revenue grew to Rs. 4.5 billion, a remarkable growth of 47% in comparison to the corresponding previous period. Net interest income was Rs. 1.7 billion, a healthy growth of 35%.
This underlying momentum has been fuelled by a deposit portfolio growth of 27% or Rs. 22.5 billion while the loan book grew by 25% standing at Rs. 24.4 billion. EPS recorded a figure of Rs.7.90 for the nine months whilst book value per share stood at Rs. 64 as at 31 December 2013.
CDB’s Managing Director/CEO Mahesh Nanayakkara said: “It is certainly another milestone for CDB to surpass the 30 billion mark in total assets and this provides us further capacity to serve our customers as one of the strongest leading financial institutions in the country. Our network of 59 online connected outlets coupled with the accessibility to the single largest ATM network of Commercial Bank of Ceylon has strengthened our client reach and convenience. We are thankful to our customers and business partners for their patronage which enabled us to achieve this milestone.”
Recently CDB received a tremendous boost when it successfully completed its first listed debenture issue of Rs. 1, billion which was oversubscribed on the opening day. Managed by CDB’s Corporate Finance Division, the issue strengthens the Tier 2 capital base of the company, helping to maintain a healthy capital adequacy ratio.
“It is certainly another milestone for CDB to surpass the 30 billion mark in total assets and this provides us further capacity to serve our customers as one of the strongest leading financial institutions in the country – CDB Managing Director/CEO Mahesh Nanayakkara”
CDB also received accolades for being the first and only NBFI to implement a core bank solution. This comprehensive product with multi-currency, multi-branch and multi-banking capabilities enables CDB to provide enhanced client service standards covering deposits and lending with faster and efficient processes such as online credit approvals, faster deposit certificate delivery and the ability to withdraw interest payments even on holidays.
During the period under review CDB opened 16 new outlets and obtained its first foreign funding line US$ 6mn from a multilateral agency from Belgium Investment organisation based in Brussels.
With its strong distribution network, state-of-the-art IT platform, brand franchise, unparallel customer service standards coupled with a committed team across the organisation, CDB is well positioned and poised to exploit full potential of the country’s accelerated economic development and to contribute towards inclusive economic growth.
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