• 23 Mar2018
    Posted by CDB Finance PLC
    Joint Winner in the Finance & Insurance Sector at the ACCA Sustainability Reporting Awards Unique stakeholder engagement initiatives and expansive vision hailed by judging panel   With sustainability being the axis on which its business model is founded, Citizens Development Read more...
  • 03 Sep2018
    Posted by CDB Finance PLC
    Having nurtured a young team that has trailblazed unprecedented pathways in the NBFI sector collating multiple awards along that journey, Citizen’s Development Business Finance PLC (CDB) joins the popular EDEX Mid-Year Expo as “Official Financial Partner” to map pathways that Read more...
  • 20 Jul2018
    Posted by CDB Finance PLC
    Wins at CMA Excellence in Integrated Reporting Awards Head of Sustainability CDB Aroshi Ranatunga holds the award presented to CDB on being adjudged among the Best Ten Integrated Reports at the CMA Excellence in Integrated Reporting Awards with Speaker Hon. Read more...
  • 16 Jul2018
    Posted by CDB Finance PLC
    The always trailblazing Citizens Development Business Finance PLC (CDB) is introducing an unprecedented array of rewards throughout the year for CDB customers through its flagship loyalty programme CDB Sithumina Loyalty Rewards.  From experiencing the thrills of Disneyland and the Eiffel Read more...
  • 21 Jun2018
    Posted by CDB Finance PLC
    Profit after tax up 39% at 1.4 Bn Total assets surpass Rs.75 Bn mark, up 40% Early Adoption of SLFRS 9 “Financial Instruments” The multi-award winning Citizens Development Business Finance PLC (CDB), which has continuously sustained impressive financial performance year-on-year, Read more...
  • 01 Jun2018
    Posted by CDB Finance PLC
    An Autism Trust Fund, CDB and SLACD joint initiative CDB continues Autism Awareness efforts jointly with SLACD and Ampara District Hospital Autism Awareness Walk to commemorate Autism Awareness Month held in Ampara   With April marking Autism Awareness Month, the Read more...
  • 08 May2018
    Posted by CDB Finance PLC
    Photo caption:  Multiple medal winners at the 38th Masters Athletic Championship 2018 in Mangalore India, CDB’s Senior Executive -  Customer Relations Nadeeka Perera and Senior Executive– Credit Operations Dananja Krishantha Liyanage show off the gold, silver and bronze medals they Read more...
  • 27 Apr2018
    Posted by CDB Finance PLC
    Uses social media platforms for fund transfers Yet another first in the financial services industry in Sri Lanka Optimising use of social media to maximise financial inclusiveness Trailblazing yet another revolutionary breakthrough in fund transfers in the country, Citizens Development Read more...
  • 19 Apr2018
    Posted by CDB Finance PLC
    11th donation presented under the CDB Pariganaka Piyasa flagship CSR programme 420 students and entire Devipahala Kuruwita community to benefit A total of LKR 13.5 Mn investment since 2007 benefitting nearly 12,500 students Empowering Sri Lanka’s young people with the Read more...
  • 17 Apr2018
    Posted by CDB Finance PLC
    CDB inked a groundbreaking MCA record when it donned the crown of Runner Up in the BMW-Hyundai Trophy – MCA ‘C’ Division 50 Over League Tournament 2018.  Sponsored by Prestige Automobile (Pvt) Limited for the seventh time, CDB etched its Read more...


Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone
  • Profit after tax up 39% at 1.4 Bn
  • Total assets surpass Rs.75 Bn mark, up 40%
  • Early Adoption of SLFRS 9 “Financial Instruments”

The multi-award winning Citizens Development Business Finance PLC (CDB), which has continuously sustained impressive financial performance year-on-year, recorded yet another spectacular 2017/18 milestone with its after tax profit blazing ahead to a remarkable 39% increase to Rs 1.4 Bn, from last two year’s back-to-back record of topping the Rs 1 Bn mark.

CDB’s aggressive bottom line growth in 2017/18 was driven by a 37% surge in its top line, an upward trajectory to Rs 11.8 Bn, from Rs 8.6 Bn in 2016/17. These revenue gains resulted in a 20% increase in net interest income, to Rs 3.5 Bn, from Rs 2.9 Bn in the previous year.  This is on the back of a remarkable lending portfolio growth of 38%. Demonstrating the quality of portfolio management, credit growth has been achieved while simultaneously controlling the non-performing credit risk. The Company closed the year by containing the Gross NPL ratio (Net of IIS) to 3.07%, from 3.08% in the previous financial year, and the Net NPL ratio (Net of IIS and provisions) slashed to 0.89%, from 1.05%.

The Company sustained a 30% growth in net operating income, which reached Rs 4.8 Bn, from Rs 3.7 Bn, with the operating profit margin continuing to improve from 16.27% to 16.63%.  The profit before tax also moved up by 37% to Rs 1.7 Bn.  Despite the rising cost structures experienced during 2017, CDB has successfully reduced its cost to income ratio from 58.28% one year ago, to 54.52%, indicating the efficiency gains that have accrued during the year.

CDB closed the year by recording a stronger financial base, with total assets beefed up by 40% to Rs 75.5 Bn on the back of robust loan portfolio growth to Rs 59.4 Bn, from Rs 43.2 Bn, up 38%. Total equity increased by 15%, to Rs 7.2 Bn and the Company also grew its deposit base to Rs 44.7 Bn, which is a growth of 37% year-on-year. Return on average assets improved to 2.17% from 1.93%.

CDB has proposed a first & final dividend of Rs 5.00 per share, in comparison to last year’s dividend of Rs.3.50 per share, subject to approval of shareholders at the Annual
General Meeting.

The earnings per share has moved up to Rs 25.80 from Rs 18.53, whilst the Return on Equity (after tax) has increased to 20.92% from 17.83% and Net Asset Value per share has augmented to  Rs 131.71, from Rs 114.93.

While expanding its business activities, the Company has remained above and beyond all regulatory capital adequacy directives, to ensure the financial stability of the Company at all times.  The Core Capital (Tier I) was maintained at 10.64%, compared to the minimum requirement of 5%, Total Capital (Tier II) recorded at 13.93%, which is also above the minimum requirement of 10% and the Statutory Liquidity Ratio recorded at 14.37% against the regulatory requirement of 10%.

Demonstrating the proactive approach to good governance which is a hallmark of the Company, CDB has also been an early adopter of the SLFRS 9 – “Financial Instruments,” which has replaced the LKAS 39 – “Financial Instruments: Recognition and Measurement.”   The audited financial statements released to the Colombo Stock Exchange, have been prepared to reflect the impact of this transition to SLFRS 9, from LKAS 39. As per the transition provisions of SLFRS 9, CDB has adjusted this transition impact through opening net assets as at the date of transition, which is 1st April 2017.


CDB’s 90.38% owned specialized leasing subsidiary UCL has performed well during the year under review, growing its balance sheet to Rs. 1.7 Bn from Rs. 693 Mn. The after-tax profit recorded a figure of Rs. 55 Mn in comparison to the previous year’s figure of Rs 22 Mn, contributing towards a consolidated after-tax profit of Rs 1.45 Bn at group level, reflecting a growth of 42%.  UCL has strongly augmented its position within the group strategy and is well poised to accelerate its progress.


With its growth strategy gaining momentum and the CDB brand presence permeating the island in all directions, CDB has adopted a focus strategy, covering both disruptive and sustained initiatives embedded under an emergent and deliberate strategic framework, embarking on a discovery driven journey – that from being a disruptor to an incumbent Company within the financial intermediary   business.