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 |
2022 Rs. '000
2021 | Change |
Rs. '000 | % |
2022 Rs. '000
2021 | Change |
Rs. '000 | % |
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.
01
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 |
02
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.
03
CITIZENS DEVELOPMENT BUSINESS FINANCE PLC | 31 DECEMBER 2022 |
Interim Financial Statements
Statement of Cash Flows
For the period ended
31-12-2022 Rs. '000
31-12-2021 Rs. '000
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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