CDB 9-mths' revenue over Rs. 2 bln

Citizens Development Business Finance PLC (CDB) this week said its 9-months' profit-after-tax of Rs. 398 million in the third 2011/12 quarter reflects a growth of 28% compared to the corresponding previous period.

The 3rd quarter profit however reflected a decline of 25% compared to the corresponding previous quarter, the company noted in a press release, saying this was mainly due to other incomes recording a mark to market value adjustment of Rs.114.97 million in the corresponding previous quarter as against the current quarter recording a negative figure of Rs. 15.7 million.

However, the core business profit for the third quarter recorded a growth of 80%. On the same basis after- tax-profit for the nine months from the core business showed a growth of 98%. The top-line grew by 36% during this period surpassing the Rs. 2-billion mark.

"The nine months results have been particularly encouraging and we are confident of concluding FY 2011/12 as yet another year with exceptional performance," said CDB'S Managing Director / CEO Mahesh Nanayakkara. "Our allround exceptional financial performance amply demonstrates the strength and dynamism of our sustainable growthenabled business model based on rural lending and urban funding which also enables us to position ourselves as a net lender to the rural economy', he added.