Lease Business

Jan 30, 2012 (LBO) - Sri Lanka's Citizens Development Business Finance Plc, a registered leasing firm, said profits fell 25 percent in the December 2011 quarter to 157 million rupees from a year earlier, mainly due to lower non-fund based income.
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Net assets rose from 1.0 billion rupees to 2.06 billion rupees from March to December 2011.
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The firm reported earnings of 3.

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02 rupees for the quarter. In the nine months to December profits rose 28 percent to 398 million US dollars from a year earlier giving earnings of 8.
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62 rupees per share.

The stock traded at prices between 60.

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0 and 64.50 rupees Monday.

CDB group interest income rose 20 52 percent to 673 million rupees in the December quarter from a year earlier and interest expenses also rose 51 percent to 339 million rupees, but the firm new net interest income by a faster 54 percent to 334 million rupees.


Unspecified other income fell 65 percent to 57.7 million rupees.

The firm reversed 36.8 million in loan loss provisions.

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Group gross assets rose from 10.2 billion rupees to 14.8 billion rupees.

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