NDB posts Rs 1.3b PAT in first half

The NDB Group recorded a Profit after Tax of Rs 1,362m, for the first half of 2012, to its shareholders, an increase of 36 percent compared to the previous year.

The Chairman of the Bank, Hemaka Amarasuriya said that "the impressive results are attributable to the Bank's overall strong position and the continued focus on providing solid returns and dividends to our shareholders."

"Results have been achieved in an environment where the impact of the global financial crisis continues to inger and credit growth remains low with business and consumer confidence fragile given the volatility and uncertainty in the markets," he said.

"Despite volatility in interest rates and growing concerns over higher borrowing cost and the prevailing downward trend in exchange rates, the Bank has reported a commendable second half due to the effective execution of our strategic priorities of Customer Satisfaction, Business Banking, Technology, Operational Excellence and Profit Growth," Amarasuriya said.

The results are characterised by the Bank's Net income (NII, fee and forex income) increasing by 52 percent to Rs 4,746m, Net Interest Income of Rs 2,579m and fee and forex income of Rs 1,512m grew by 27 percent and 72 percent over the corresponding period. The Profit before Tax of Rs 2,757m recorded an increase of Rs 1,078m or 64 percent compared to the previous year.