Interim Financial Statements
For the period ended 31 December 2022
Citizens Development Business Finance PLC
|
CITIZENS DEVELOPMENT BUSINESS FINANCE PLC |
31 DECEMBER 2022 |
Interim Financial Statements
Statement of Profit or Loss and Other Comprehensive Income
|
For the quarter ended |
For the nine months ended |
|
|
31 December |
31 December |
|
Revenue |
5,947,031 |
4,427,919 |
34% |
|
Interest income |
5,511,554 |
3,857,611 |
43% |
|
Less: Interest expense |
3,556,217 |
1,477,717 |
141% |
|
Net interest income |
1,955,337 |
2,379,894 |
-18% |
|
Fee and commission income |
65,090 |
87,976 |
-26% |
|
Other operating income |
370,387 |
482,332 |
-23% |
|
Total operating income |
2,390,814 |
2,950,202 |
-19% |
|
Less : Impairment charges and other credit losses |
161,363 |
141,970 |
14% |
|
on financial assets |
|||
|
Net operating income |
2,229,451 |
2,808,232 |
-21% |
|
Less : Operating expenses |
|||
|
Personnel expenses |
536,071 |
484,649 |
11% |
|
Premises, equipment and establishment expenses |
613,156 |
514,586 |
19% |
|
Other expenses |
141,984 |
141,845 |
0% |
|
Total operating expenses |
1,291,211 |
1,141,080 |
13% |
|
Operating profit before taxes on financial |
938,240 |
1,667,152 |
-44% |
|
services |
|||
|
Less : Taxes on financial services |
334,152 |
257,000 |
30% |
|
Profit before tax |
604,088 |
1,410,152 |
-57% |
|
Less : Income tax expense |
274,247 |
348,550 |
-21% |
|
Profit for the period |
329,841 |
1,061,602 |
-69% |
|
Other comprehensive income |
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|
Items that may be reclassified subsequently to |
|||
|
profit or loss |
|||
|
Fair Value Changes in Hedge Reserve |
5,209 |
15,263 |
-66% |
|
Items that will not be reclassified to profit or |
|||
|
Equity investments at FVOCI – Net change in fair |
93,765 |
179,697 |
-48% |
|
value |
|||
|
Net actuarial gain/(loss) on defined benefit plan |
(6,000) |
(6,000) |
0% |
|
Total other comprehensive income |
92,974 |
188,960 |
-51% |
|
Total comprehensive income for the period |
422,815 |
1,250,562 |
-66% |
|
Earnings per share |
|||
|
Basic earnings per share (Rs.) |
4.72 |
15.21 |
|
|
Diluted earnings per share (Rs.) * |
4.61 |
15.02 |
|
|
15,487,448 |
12,572,176 |
23% |
|
14,401,847 |
10,755,131 |
34% |
|
8,903,591 |
4,503,985 |
98% |
|
5,498,256 |
6,251,146 |
-12% |
|
186,106 |
226,722 |
-18% |
|
899,495 |
1,590,323 |
-43% |
|
6,583,857 |
8,068,191 |
-18% |
|
314,264 |
854,681 |
-63% |
|
6,269,593 |
7,213,510 |
-13% |
|
1,509,162 |
1,373,570 |
10% |
|
1,912,050 |
1,527,287 |
25% |
|
444,268 |
365,572 |
22% |
|
3,865,480 |
3,266,429 |
18% |
|
2,404,113 |
3,947,081 |
-39% |
|
509,646 |
612,929 |
-17% |
|
1,894,467 |
3,334,152 |
-43% |
|
604,247 |
883,550 |
-32% |
|
1,290,220 |
2,450,602 |
-47% |
|
260,534 |
176,859 |
47% |
|
(191,777) |
145,793 |
-232% |
|
(18,000) |
(18,000) |
0% |
|
50,757 |
304,652 |
-83% |
|
1,340,977 |
2,755,254 |
-51% |
18.47 35.11
18.03 34.67
Figures in brackets indicate deductions.
The above figures are subject to audit unless specified.
* Diluted EPS has computed considering the effect of employee share option scheme.
|
CITIZENS DEVELOPMENT BUSINESS FINANCE PLC |
31 DECEMBER 2022 |
Interim Financial Statements
Statement of Financial Position
|
Audited |
||||
|
As at |
31-12-2022 |
31-03-2022 |
||
|
Rs. ‘000 |
Rs. ‘000 |
|||
|
Assets |
||||
|
Cash and cash equivalents |
1,861,671 |
2,023,974 |
||
|
Financial assets measured at fair value through profit or loss (FVTPL) |
40,281 |
148,685 |
||
|
Derivative financial assets |
1,155,552 |
1,121,320 |
||
|
Loans and receivables to banks |
298,267 |
240,435 |
||
|
Deposits with financial institutions |
8,573,434 |
8,292,576 |
||
|
Loans and receivables to customers |
77,642,886 |
78,725,310 |
||
|
Other investment securities |
6,369,236 |
6,576,030 |
||
|
Investment Properties |
535,000 |
– |
||
|
Property, plant and equipment |
3,335,059 |
3,351,990 |
||
|
Intangible assets |
126,004 |
136,078 |
||
|
Goodwill on amalgamation |
156,489 |
156,489 |
||
|
Retirement benefit asset |
344,807 |
407,807 |
||
|
Right-of-use assets |
786,268 |
768,480 |
||
|
Other assets |
3,632,656 |
3,470,809 |
||
|
Total assets |
104,857,610 |
105,419,983 |
||
|
Liabilities |
||||
|
Deposits from customers |
58,325,470 |
52,216,802 |
||
|
Debt securities issued and subordinated debt |
5,464,795 |
5,726,897 |
||
|
Other interest-bearing borrowings |
19,262,392 |
24,964,628 |
||
|
Lease liabilities |
828,390 |
802,503 |
||
|
Current tax liabilities |
661,824 |
1,400,532 |
||
|
Deferred tax liabilities |
630,110 |
630,110 |
||
|
Other liabilities |
1,672,590 |
2,030,436 |
||
|
Total liabilities |
86,845,571 |
87,771,908 |
||
|
Equity |
||||
|
Stated capital |
2,361,947 |
2,361,947 |
||
|
Reserves |
2,831,348 |
2,829,785 |
||
|
Retained earnings |
12,818,744 |
12,456,343 |
||
|
Total equity |
18,012,039 |
17,648,075 |
||
|
Total liabilities and equity |
104,857,610 |
105,419,983 |
||
|
Net assets value per share (Rs.) |
257.85 |
252.63 |
The above figures are subject to audit unless specified.
The financial statements are in compliance with the requirements of the Companies Act No. 7 of 2007 and Finance Business Act No. 42 of 2011.
Sgd.
Damith Tennakoon
Deputy CEO/Director/CFO
The Board of Directors is responsible for the preparation and the presentation of these Financial Statements.
Approved and signed for and on behalf of the Board
|
Sgd. |
Sgd. |
|
J R Alastair Corera |
C M Nanayakkara |
|
Chairman |
Managing Director/CEO |
|
14 February 2023 |
|
|
Colombo |
|
CITIZENS DEVELOPMENT BUSINESS FINANCE PLC |
31 DECEMBER 2022 |
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Interim Financial Statements |
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Statement of Changes in Equity |
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Reserves |
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|
Stated |
Other Capital |
Revaluation |
Fair Value |
Hedge Reserve |
Statutory |
Retained |
Total |
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|
Capital |
Reserve |
Reserve |
Reserve |
Reserve |
Earnings |
Equity |
|||||
|
Fund |
|||||||||||
|
Rs. ‘000 |
Rs. ‘000 |
Rs. ‘000 |
Rs. ‘000 |
Rs. ‘000 |
Rs. ‘000 |
Rs. ‘000 |
Rs. ‘000 |
||||
|
Balance as at 1 April 2021 |
2,350,363 |
– |
609,661 |
3,924 |
– |
1,881,996 |
9,206,276 |
14,052,220 |
|||
|
Total comprehensive income for the period |
|||||||||||
|
Profit for the period |
2,450,602 |
2,450,602 |
|||||||||
|
Other comprehensive income for the period |
|||||||||||
|
Fair Value Changes in Hedge Reserve |
176,859 |
176,859 |
|||||||||
|
Equity investments at FVOCI – net change in fair value |
145,793 |
145,793 |
|||||||||
|
Remeasurement of defined benefit liability/(asset) |
(18,000) |
(18,000) |
|||||||||
|
Transactions with equity holders of the Company |
|||||||||||
|
Employee share option plan |
33,211 |
33,211 |
|||||||||
|
Dividend to equity holders for the year – 2020/21 |
(523,446) |
(523,446) |
|||||||||
|
Transfers during the period |
(22,459) |
22,459 |
|||||||||
|
**** |
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|
Balance as at 31 December 2021 |
2,350,363 |
33,211 |
609,661 |
127,258 |
176,859 |
1,881,996 |
11,137,891 |
16,317,239 |
|||
|
Balance as at 1 April 2022 |
2,361,947 |
30,854 |
825,559 |
56,531 |
(145,759) |
2,062,600 |
12,456,343 |
17,648,075 |
|||
|
Payment of surcharge tax |
(715,053) |
(715,053) |
|||||||||
|
Total comprehensive income for the |
period |
||||||||||
|
Profit for the period |
1,290,220 |
1,290,220 |
|||||||||
|
Other comprehensive income for the period |
|||||||||||
|
Fair Value Changes in Hedge Reserve |
260,534 |
260,534 |
|||||||||
|
Equity investments at FVOCI – net change in fair value |
(191,777) |
(191,777) |
|||||||||
|
Remeasurement of defined benefit liability/(asset) |
(18,000) |
(18,000) |
|||||||||
|
Transfers during the period |
(2,011) |
2,011 |
|||||||||
|
Transactions with equity holders of the Company |
|||||||||||
|
Dividend to equity holders for the year – 2021/22 |
(261,960) |
(261,960) |
|||||||||
|
Transfers during the period |
(65,183) |
65,183 |
|||||||||
|
Balance as at 31 December 2022 |
2,361,947 |
30,854 |
825,559 |
(200,429) |
112,764 |
2,062,600 |
12,818,744 |
18,012,039 |
Figures in brackets indicate deductions.
|
CITIZENS DEVELOPMENT BUSINESS FINANCE PLC |
31 DECEMBER 2022 |
Interim Financial Statements
Statement of Cash Flows
For the period ended
|
Cash flow from operating activities |
||
|
Interest receipts |
14,323,540 |
10,835,604 |
|
Commission receipts |
205,700 |
257,528 |
|
Other income receipts |
965,106 |
1,422,036 |
|
Interest payments |
(8,080,692) |
(4,710,181) |
|
Fee and business promotion expenses |
(345,018) |
(267,324) |
|
Employee related payments |
(1,434,162) |
(1,298,570) |
|
Supplier payments |
(4,402,770) |
(1,235,201) |
|
Financial expenses |
(19,030) |
(24,775) |
|
Operating profit before changes in operating assets |
1,212,674 |
4,979,117 |
|
(Increase)/Decrease in operating assets |
||
|
Investments in financial institutions |
(338,690) |
1,483,539 |
|
Investment in Government Securities |
103,157 |
3,107 |
|
Net funds advanced to customers |
846,467 |
(2,397,294) |
|
Changes in other short-term assets |
37,756 |
261,583 |
|
Changes in inventories |
(219,197) |
(104,510) |
|
429,493 |
(753,575) |
|
|
Increase/(Decrease) in operating liabilities |
||
|
Net borrowings |
(6,092,479) |
(746,721) |
|
Net deposits from customers |
5,285,769 |
2,331,692 |
|
(806,710) |
1,584,971 |
|
|
Net Cash Generated from / (used in) operating activities |
835,457 |
5,810,513 |
|
Contribution to plan assets |
(30,000) |
(100,000) |
|
Taxation |
(1,953,223) |
(1,438,172) |
|
(1,147,766) |
4,272,341 |
|
|
Cash flow from investing activities |
||
|
Dividend receipts |
34,728 |
32,232 |
|
Investment in other investment securities |
206,794 |
(3,559,587) |
|
Purchase of property, plant and equipment |
(9,368) |
(127,382) |
|
Net cash from / (used in) investing activities |
232,154 |
(3,603,639) |
|
Cash flow from financing activities |
||
|
Dividend paid |
(261,960) |
(523,446) |
|
Net change in debentures |
216,466 |
(889,350) |
|
Net cash inflows/ (outflows) from financing activities |
(45,494) |
(1,412,796) |
|
Net increase/(decrease) in cash and cash equivalents |
(961,106) |
(744,094) |
|
Cash and cash equivalents at the beginning of the period |
1,769,083 |
1,914,569 |
|
Cash and cash equivalents at the end of the period |
807,977 |
1,170,475 |
|
Cash and cash equivalents at the beginning of the period |
||
|
Cash at bank and cash in hand |
2,023,974 |
2,090,509 |
|
Bank overdrafts |
(254,891) |
(175,940) |
|
1,769,083 |
1,914,569 |
|
|
Cash and cash equivalents at the end of the period |
||
|
Cash at bank and cash in hand |
1,861,671 |
1,471,605 |
|
Bank overdrafts |
(1,053,694) |
(301,130) |
|
807,977 |
1,170,475 |
Figures in brackets indicate deductions.
04
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Disclaimer
Citizens Development Business Finance plc published this content on 15 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2023 04:04:05 UTC.
Publicnow 2023
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Income Statement Evolution