Post tax profits at CDB up 25% at Rs 701 mln
View(s):Post tax profits (PAT) at Citizens Development Business Finance PLC (CDB) grew by 25 per cent to notch Rs. 701 million in the year ending March 2015. According to a company statement to the media, the upward trajectory in performance continued as CDB’s Balance Sheet showcased growth of 13 per cent at Rs 38.01billion. Net Assets was recorded at Rs 4.30 billion, up 20 per cent while revenue was up 9 per cent.
Profit before VAT on Financial Services, Crop Insurance Levy, Nation Building Tax and Income Tax was recorded at Rs 1 billion, reflecting a growth of 33 per cent. Despite an increase of 48 per cent in income tax, the “company recorded an impressive Rs. 701million in Profit After Tax”.
The release said that CDB’s business model continues to evolve and remains strategically crafted to encompass multiple dynamics that compliments each other. “With financial inclusion being a priority given its status as a net lender to the rural economy, urban funding and rural lending, adding access to finance for the base of pyramid markets has enabled CDB to play a vital role in rural economic development,” it said.