Citizens Development Business Finance PlcCSELK: CDB.N0000

Interim Financial Statements as at 30th June 2022

Aug 15, 2022 at 3:02 AM UTC · Issued by Citizens Development Business Finance PLC

Interim Financial

Statements

For the period ended 30 June 2022

Citizens Development Business Finance PLC

CITIZENS DEVELOPMENT BUSINESS FINANCE PLC

30 JUNE 2022

Interim Financial Statements

Statement of Profit or Loss and Other Comprehensive Income

For the period ended

		30 June
	2022	2021	Change
	Rs. '000	Rs. '000	%

Revenue	4,518,452	3,762,157	20%
Interest income	4,161,872	3,354,758	24%
Less: Interest expense	2,125,981	1,553,396	37%
Net interest income	2,035,891	1,801,362	13%
Fee and commission income	65,768	59,788	10%
Other operating income	290,812	347,611	-16%
Total operating income	2,392,471	2,208,761	8%
Less : Impairment charges and other credit losses	116,994	427,853	-73%
Net operating income	2,275,477	1,780,908	28%
Less : Operating expenses
Personnel expenses	495,255	427,353	16%
Premises, equipment and establishment expenses	623,246	512,266	22%
Other expenses	176,037	114,907	53%
Total operating expenses	1,294,538	1,054,526	23%
Operating profit before taxes on financial services	980,939	726,382	35%
Less : Taxes on financial services	131,500	106,280	24%
Profit before tax	849,439	620,102	37%
Less : Income tax expense	250,000	175,000	43%
Profit after tax	599,439	445,102	35%
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Fair value changes in hedge reserve	154,759	-	100%
Items that will not be reclassified to profit or loss
Financial assets at FVOCI - Net change in fair value	(273,993)	(74,585)	267%
Net actuarial gain/(loss) on defined benefit plan	(6,000)	(6,000)	0%
Total other comprehensive income	(125,234)	(80,585)	55%
Total comprehensive income	474,205	364,517	30%
Earnings per share
Basic earnings per share (Rs.)	8.58	6.38
Diluted earnings per share (Rs.) *	8.48	6.30

Figures in brackets indicate deductions.

* Diluted EPS has computed considering the effect of employee share option scheme.

CITIZENS DEVELOPMENT BUSINESS FINANCE PLC

30 JUNE 2022

Interim Financial Statements

Statement of Financial Position

		Audited
As at	30-06-2022	31-03-2022
Rs. '000	Rs. '000

Assets
Cash and cash equivalents	1,098,909	2,023,974
Financial assets measured at fair value through profit or loss (FVTPL)	140,909	148,685
Derivative financial assets	2,048,178	1,121,320
Loans and receivables to banks	696,674	240,435
Deposits with financial institutions	10,116,444	8,292,576
Loans and receivables to customers	80,038,919	78,725,310
Other investment securities	5,509,043	6,576,030
Property, plant and equipment	3,335,647	3,351,990
Intangible assets	132,426	136,078
Goodwill on amalgamation	156,489	156,489
Retirement benefit asset	376,807	407,807
Right-of-use assets	770,815	768,480
Other assets	3,474,444	3,470,809
Total assets	107,895,704	105,419,983
Liabilities
Deposits from customers	54,280,279	52,216,802
Debt securities issued	5,386,682	5,726,897
Other interest-bearing borrowings	24,415,165	24,709,737
Lease liabilities	807,608	802,503
Current tax liabilities	1,817,430	1,400,532
Deferred tax liabilities	630,110	630,110
Other liabilities	3,151,203	2,285,327
Total liabilities	90,488,477	87,771,908
Equity
Stated capital	2,361,947	2,361,947
Reserves	2,708,080	2,829,785
Retained earnings	12,337,200	12,456,343
Total equity	17,407,227	17,648,075

Total liabilities and equity	107,895,704	105,419,983
Net assets value per share (Rs.)	249.19	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
12 August 2022
Colombo

CITIZENS DEVELOPMENT BUSINESS FINANCE PLC								30 JUNE 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							445,102	445,102
Other comprehensive income for the period
Financial assets at FVOCI - net change in fair value				(74,585)				(74,585)
Remeasurement of defined benefit liability/(asset)							(6,000)	(6,000)
Transactions with equity holders of the Company
Transfers during the period				(3,586)			3,586

Balance as at 30 June 2021	2,350,363	-	609,661	(74,247)	-	1,881,996	9,648,964	14,416,737

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							599,439	599,439
Other comprehensive income for the period
Fair value changes in hedge reserve					154,759			154,759
Financial assets at FVOCI - net change in fair value				(273,993)				(273,993)
Remeasurement of defined benefit liability/(asset)							(6,000)	(6,000)
Transactions with equity holders of the Company
Transfers during the period				(2,471)			2,471	-

Balance as at 30 June 2022	2,361,947	30,854	825,559	(219,933)	9,000	2,062,600	12,337,200	17,407,227
Figures in brackets indicate deductions.

CITIZENS DEVELOPMENT BUSINESS FINANCE PLC		30 JUNE 2022
Interim Financial Statements
Statement of Cash Flows
For the year ended

	30-06-2022	30-06-2021
	Rs. '000	Rs. '000
Cash flow from operating activities
Interest receipts	4,297,564	3,551,215
Commission receipts	70,890	97,058
Other income receipts	231,868	380,463
Interest payments	(2,268,922)	(1,653,418)
Fee and business promotion expenses	(138,079)	(84,046)
Employee related payments	(470,255)	(402,353)
Supplier payments	(896,062)	(555,106)
Financial expenses	(11,859)	(4,902)
Operating profit before changes in operating assets	815,145	1,328,911
(Increase)/Decrease in operating assets
Investments in financial institutions	(2,280,107)	(997,290)
Investment in Government Securities	13,612	24
Net funds advanced to customers	(1,566,296)	470,344
Changes in other short-term assets	(48,310)	26,951
Changes in inventories	39,553	(202,170)
	(3,841,547)	(702,141)
Net borrowings	(1,688,875)	(739,699)
Net deposits from customers	2,206,417	717,119
	517,542	(22,580)

Net Cash Generated from / (used in) operating activities	(2,508,860)	604,190
Contribution to plan assets	-	-
Taxation	(873,369)	(141,392)
	(3,382,229)	462,798
Cash flow from investing activities
Dividend receipts	30,631	26,546
Investment in other investment securities	1,066,987	538,633
Purchase of property, plant and equipment	(3,154)	(23,515)
Net cash from / (used in) investing activities	1,094,464	541,664
Cash flow from financing activities
Net change in debentures	138,353	(923,668)
Net cash inflows/ (outflows) from financing activities	138,353	(923,668)
Net increase/(decrease) in cash and cash equivalents	(2,149,413)	80,794
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	(380,330)	1,995,363
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	1,098,909	2,116,186
Bank overdrafts	(1,479,239)	(120,823)
	(380,330)	1,995,363

Figures in brackets indicate deductions.

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