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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » IS WISE TO BUY CDB?

IS WISE TO BUY CDB?

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1IS WISE TO BUY CDB? Empty IS WISE TO BUY CDB? Mon Feb 14, 2011 12:23 pm

sasl

sasl
Equity Analytic
Equity Analytic
Are you thinking CDB worth to buy @ current price?

2IS WISE TO BUY CDB? Empty Re: IS WISE TO BUY CDB? Mon Feb 14, 2011 12:44 pm

sasl

sasl
Equity Analytic
Equity Analytic
Continued improvements in key performance indicators in the third quarter of 2010 enabled Citizens Development Business Finance Ltd (CDB) to record a noteworthy profit growth for the nine months ended 31 December 2010.

The Company’s pre-tax profit has gone up by 938% to record Rs. 331.7 million up from Rs. 31.9 million for the corresponding period last year, while revenue reached Rs. 1492 million projecting a growth of 35% over the corresponding period.

Commenting on the transformation of the CDB, Director/CEO Mahesh Nanayakkara said, “The first decade of the 21st century has witnessed remarkable transformation, establishing CDB as a formidable leading player within the financial services industry. As reflected in all key financial figures, CDB’s transformation from a small player in 2001 to a prominent dynamic player within the industry by 2010 has been remarkable. From 2001 to 2010, CDB’s total asset base has grown from mere Rs. 276 million to Rs. 9 Billion. The annual revenue has grown from mere Rs. 25 million to around Rs.2 Billion. Net assets which recorded a negative figure in 2001 have been converted to a positive of Rs. 800 million. From the loss making status in 2001, CDB has continuously recorded growth in profitability since 2004 and posted a net profit figure surpassing Rs.300 million for the first nine months of the current financial year (2010/2011). CDB was recently assigned BBB-/P3 credit rating by RAM Rating(Lanka) Ltd. We are confident in concluding the current financial year (2010/2011) with the same momentum in bottom-line results”.

Among the principal contributors to the net profit after tax figure of Rs. 310.71 million recorded during the period under review, was an increase in net interest income by 79% to Rs. 583 million, an increase of Rs. 257 million over the preceding year. While the overall NPL ratio stood at 4.48% at 31 December 2010. The earnings per share recorded a figure of Rs. 7.83 for the period under review. Mark to market value adjustment of investment in listed shares amounting Rs.114 million also has contributed significantly to the bottom-line results.

CDB’s AGM Business Development, Malcom Weerasuriya said, “Sri Lanka is poised for massive growth in 2011. We have recorded the highest tourist arrivals in 2010 exceeding 650,000, an increase of 46%. With CSE market capitalization increased to Rs. 2.2 Trillion, up from 1 Trillion in 2009, our projected GDP growth is around 8.5% in 2011, all of which augurs well for our economy. In this overall economic upturn we, as an organization driven by “People Passion”, are confident of achieving results within a very competitive market environment. This mindset has been developed over the past decade and is currently bearing fruit. Our total deposit base has increased by 39% to Rs. 6.7 Billion compared with the last audited balance sheet date.” Weerasuriya said.

“Our business strategy of being net lender to the rural economy is well supported by our multi-level distribution strategy coupled with people orientation. This has enabled us to expand our online connected distribution network to 33 across the country. Further geographic expansion is on the cards this year as our country’s GDP expansion is expected to be distributed in a more equitable manner among all the provinces. CDB is the first company to promote and commence operations in foreign currency encashment (authorized money dealership) under the Central Bank’s new guidelines for specialized banks; financial institutions registered under the finance companies act, and specialized leasing companies. CDB has already commenced foreign money remittance services through “Moneygram” by joining with HNB. CDB has plans to launch savings accounts in the first quarter of 2011/12”, he added.

CDB today ranks as the 7th largest player in terms of total assets among 36 financial institutions registered under the Finance Companies Act. CDB is also listed on the main board of CSE. CDB steps in to the second decade of 21st century with great aspirations and ambitious vision to seize the unprecedented opportunities and possibilities presented in post-war Sri Lanka within a rapidly changing context and accelerated economic

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