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

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

Interim Financial Statements

Statement of Changes in Equity

Reserves

Stated

Other Capital

Revaluation

Fair Value

Hedge Reserve

Statutory

Retained

Total

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

****

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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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.

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All news about CITIZENS DEVELOPMENT BUSINESS FINANCE PLC

Sales 2022 8 206 M
22,5 M
22,5 M
Net income 2022 3 612 M
9,90 M
9,90 M
Net Debt 2022 27 960 M
76,6 M
76,6 M
P/E ratio 2022 4,51x
Yield 2022 1,63%
Capitalization 11 348 M
31,1 M
31,1 M
EV / Sales 2021 4,54x
EV / Sales 2022 5,19x
Nbr of Employees 2 073
Free-Float 12,7%

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