NDB to finalise Dubai, India partnerships by Dec
View(s):NDB is close to finalising it’s partnerships in Dubai and India which will mirror the NDB DBS partnership they sealed in September last year, officials said.
“NDB sealed a memorandum of understanding with Singapore’s DBS Bank in a bid to form a strategic alliance in terms of raising funds for large scale projects. This alliance will give the NDB Group, access to new investors and markets that will surely come to benefit the numerous and large scale projects that will be, and have already been, set up in the country,” one official said.
NDB in a media statement said that for the nine months ended September 30, 2012, its net Rs 2,342 million for the period show an increase of Rs 804 million (52 per cent) compared to the prior year’s corresponding period. “The interim performance is contributed by growth in the core banking profits and the net interest income grew by 25 per cent to Rs 4 billion and forex income grew by Rs.561 million during the period. The reported results also include the equity income of Rs.536 million gained from the sales proceed on the sale of investments of NDB Investment Bank Ltd, NDB Stock Brokers (Pvt) Ltd and the five percent direct holding of Aviva NDB Insurance PLC, to NDB Capital Holdings PLC.”
The consolidated group performance saw a Profit attributable to the shareholders increasing by Rs.334 million to Rs.2, 041 million over the corresponding period last year, the statement said.
The bank’s loans and advances increased to Rs.113.0 billion as at September 30 2012, an increase of Rs.19.0 billion, or 21 percent, compared to September 30, 2011. NDB’s sale of its shareholding in the Aviva NDB Holdings Lanka (Private) Limited (Aviva NDB Holdings) will fetch it US$ 59 million of the intended sale process is expected to be earned by the Group by end 2012, subject to the necessary regulatory and legal arrangements, the statement added.
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