Aug 01, 2011 (LBO) – Sri Lanka Citizens Development Business Finance’s net profit shot up 132 percent to 80 million rupees in the June 2011 quarter from a year ago, according to a Colombo stock exchange filing. Interim accounts showed sharp increases in interest income and earnings from leasing and hire purchase amid loan growth which helped offset higher costs.
Interest income rose 40 percent to 532 million rupees while interest expenses rose at a slower 25 percent to 273 million rupees enabling a 60 percent rise in net interest income to 260 million rupees.
Other income was up nine percent to 40 million rupees.
Earnings per share of Citizens Development Business Finance for the June 2011 quarter were 2.02 rupees compared with 87 cents the year before.
Operating expenses were also up sharply, with personnel costs rising 42 percent to 65 million rupees and administration and premise expenses increasing 45 percent to 80 million rupees while marketing costs rose 39 percent to 52 million rupees.
Provision for loan losses fell 34 percent to eight million rupees.
Total group assets of the firm, in which Ceylinco Insurance has a 35.63 percent stake, rose nine percent to 11.2 b