NDB reports significant profit growth in first half 2012
View(s):The NDB Group has reported another strong performance for the 1st half year of 2012 recording post-tax profit of Rs 1.36 billion, up 36 per cent from the previous, corresponding period. Bank Chairman Hemaka Amarasuriya said in a media statement issued by the bank 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 linger and credit growth remains low with business and consumer confidence fragile given the volatility and uncertainty in the markets.” Net Interest Income of Rs 2.5 billion and fee and forex income of Rs 1.5 billion grew by 27 per cent and 72 per cent, respectively.
The earnings for the bank also include equity income of Rs 536 million on the sale in investments of NDB Investment Bank Ltd, NDB Stock Brokers (Pvt) Ltd and of the five per cent direct holding in AVIVA NDB Insurance PLC, to NDB Capital Holdings PLC (formerly known as Capital Development and Investment Company PLC).
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