NDB progressing with Dubai, India partnerships
View(s):NDB is progressing towards finalising it’s partnerships in Dubai and India which will mirror the NDB-DBS partnership sealed in September 2011, 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,” an NDB official told the Business Times. He said that the negotiations are on track and that Dubai and India partnerships will mirror the NDB-DBS partnership.
The official said the ongoing development initiatives, specially infrastructure development projects and setting up of large scale projects will need capital and this partnership will help NDB to tap the distribution capabilities of DBS Bank while meeting the capital requirement of NDB customers. He noted that DBS has a presence in the main economic nerve centres of Asia which has now become the engine of growth for the world. “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,” he said. NDB already has an investment banking operation in Bangladesh and stake in a leasing company in the Maldives.
NDB in a media statement said that for the nine months ended September 30, 2012, its net Rs 2,342 million for the period showed 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 billion, or 21 per cent, compared to September 30, 2011.
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