Citizens Development Business Finance PLC’s (CDB) rights issue was fully subscribed recently raising Rs. 718 million. This fresh capital infusion will substantially strengthen CDB’s balance sheet while permitting the company to add 14 new fully fledged branches inline with compliance requirements of the Central Bank. The capital raised via the rights issue will also support CDB’s rapidly expanding lease and loan book portfolios, according to a company statement.
For the FY2010/11 CDB recorded a net profit after tax figure surpassing the rupees half a billion mark which was an over 7-fold increase compared to the corresponding previous financial year. Total assets and revenue grew by 53% and 47% respectively. Continuing its growth momentum, CDB recorded a 132% growth in after tax profits for the First Quarter of FY2011/12.