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| Sunday, 14 August 2005 |
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NDB Group pre-tax profits up 6% to Rs. 782 million NDB Group announced profits before tax of Rs. 782 million for the period ended June 30, 2005 compared with Rs. 735 million for the corresponding period last year, an increase of 6%. The net interest income (NIL) increased by 22% over the comparative period. Profit comparisons were affected by exceptional items in 2004, and by the consolidation of the results of NBL as a result of the purchase of 93% of its shares in April 2004. Thus net interest income and operating expenses of the Group for half year 2005 increased partly for this reason. Equity income of Rs. 188 million for half year 2004 reduced to Rs. 75 million in 2005. However, there was a decline of 6% in the profit attributable to shareholders, when compared with the corresponding period last year. The effective tax rate for the period was 37% compared with 24% for the corresponding period last year. The gross lending portfolio of the Group has remained flat in comparison with the first half of 2004 with faster growth in commercial bank lending compensating for slower growth in long term loans. Portfolio quality continued to improve. NPLs in NDB and NBL together reduced from Rs. 2,518 million as at the last year end to Rs. 2,212 million as at June 30, 2005. The combined NPLs ratio was 6.3% compared with 7.1% as at December 31, 2004. |
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