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| Sunday, 29 May 2005 |
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NDB after tax profit up 16% to Rs. 253 m in QI, 2005 The NDB Group announced profits before tax of Rs. 399 million for the first quarter of 2005 compared with Rs. 344 million for the corresponding period last year, an increase of 16%. Profit after tax also improved by 16% to Rs. 253 million for the same period. The profit attributable to shareholders was Rs. 227 million compared with Rs. 218 million for the first quarter of 2004, an increase of 4%. The improved performance at the group level was partly due to the timing difference in consolidating the results of NDB Bank Ltd (NBL), which became a subsidiary of NDB from April 30, 2004 (it was previously accounted as an associate company). The profit attributable to shareholders would have increased by 16% instead of the stated 4% if NBL had been treated as a subsidiary for the entirety of 2004. The gross lending portfolio of the NDB increased by 2.4% in comparison with the first quarter of 2004 whereas NBL increased by 12%. Non Performing Loans (NPLs) continued to decline. NPLs at NDB and NDB Bank together reduced from Rs. 2,518 million at the last year-end to Rs. 2,409 million at March 31, 2005. The combined NPL ratio was 6.9% compared with 7.1% at December 31, 2004. Net of provisions, the ratio is 0.95% at March 31, 2005 (1.4% March 31, 2004). The Bank was able to release provision for bad and doubtful debts of Rs. 46 million compared with Rs. 33 million of provision made for the corresponding period last year. Total provisions as a percentage of NPLs for the combined banks increased from 84.9% as at last year-end to 86.5% during the period, while specific provision coverage increased from 78.2% to 80%. Eagle Insurance records Rs 891m gross written premium Eagle Insurance recorded a gross written premium of Rs. 891 million for the period, a 7% growth over the corresponding period last year, despite the declining macro economic environment and competitor pressure towards increasing the market share. The consolidated revenue of Rs. 920 million was 12% higher than the corresponding profit last year. Operating profit of the group for the quarter of Rs. 36 million grew by 28% over the corresponding profit last year. The overall net profits after tax of Rs. 33 million recorded a growth of
36% over that of the first quarter of 2004. |
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