Finance Growth

Oct 31, 2011 (LBO) - Citizens Development Business Finance, a registered finance company in Sri Lanka said net profits for the September 2011 quarter rose 146 percent to 161.2 million rupees from a year earlier, helped by interest margins and other income.

The firm reported earnings of 3.58 rupees for the quarter. For the six months ending September it reported profits of 241 million rupees, or 5.57 rupees per share.

Interest income for the quarter rose 43 percent to 597 million rupees, interest expenses rose 42 percent but net interest income rose at a faster 44 percent to 292 million rupees.

Loan loss provisions were down to 5.08 million from, 10.00 million a year earlier.

Other income rose to 418 million rupees from 250 million a year earlier.

Its lease book grew to 5.56 billion rupees in September from 4.7 billion in March, loans and advances grew to 2.

7 billion rupees from 1.82 billion and its hire purchase book from 2.0 billion rupees from 1.29 billion rupees.

Total assets grew from 10.2 billion to 12.3 billion. The asset growth was funded mainly from deposits which grew from 7.

48 billion rupees to 9.45 billion rupees.

CBD's net assets grew to 1.9 billion rupees from 1.0 billion over the past six months. The firm raise