NDB Bank Group profit after tax grows 16% to Rs. 384m
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CEO NDB Bank
Eran Wickramaratna
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The NDB group’s profit attributable to shareholders increased by 16%
to Rs. 349 Mn compared to Rs. 300 Mn for the corresponding period last
year. The Group’s profit after tax for the period also increased by 16%
to Rs. 384 Mn compared to Rs. 332 Mn for the corresponding period last
year.
The NDB Bank’s operating profit before provisions for the current
period was 627 Mn compared to Rs. 492 Mn for the corresponding period
last year, an increase of 28%.
The profit before tax increased by 17% from Rs. 524 Mn in the first
quarter of 2007 to Rs. 614 Mn during the first quarter of 2008, while
the profit after tax also increased by 14% from Rs. 223 Mn in the first
quarter of 2007 to Rs. 253 Mn during the first quarter of 2008.
Overall, the core banking revenue (net interest income, forex and
commissions) of NDB Bank grew at a strong pace (25%) based on a
continued growth in loans (11%) and deposits (26%) over the
corresponding period last year.
The Bank has also diversified its avenues of fee income through
products such as Bancassurance, Western Union Money Transfer and Ez Pay.
NDB Bank’s loan portfolio quality remains very good with the
Non-Performing Loan (NPL) ratio at 2.6%, which is one of the lowest
among banks in Sri Lanka.
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