NDB Capital Holdings profit zooms in 1Q 2013
View(s):NDB Capital Holdings PLC (NCAP) has reported increased profitability in first quarter 2013 with revenues also up sharply at Rs. 320 million against Rs. 64 million in the same January-March 2012 quarter.
“This increased revenue translated to a profit of almost Rs. 297 million at company level for the quarter, an over 6.5 fold growth compared to Rs. 44 million recorded during the corresponding period the prior year,” a company statement said.
During this quarter, NCAP returned the capital gain of approximately Rs. 6.7 billion it recorded from the sale of direct and indirect stakes held in Aviva NDB Insurance PLC in 2012 to its shareholders by way of a dividend amounting to over Rs. 700 million and a repurchase of company shares amounting to Rs. 5.97 billion. As a result the company saw a 54 per cent reduction of its assets from Rs. 11.7 billion as at the end of 2012 to Rs. 5.4 billion as at the end of 1Q 2013.
Group profitability also increased significantly by over 250 per cent to Rs. 337 million in the quarter under review compared to Rs. 95 million in the corresponding 2012 quarter.
Company Chairman Ashok Pathirage commenting on the performance said, “NCAP’s leadership position in the investment banking sphere was reiterated during the past quarter when NDB Investment Bank (NDBIB) was recognized as the best investment bank in Sri Lanka by Global Banking & Finance Review. It further recognized NDBIB for being the most innovative investment bank in Sri Lanka and for carrying out the most innovative asset backed securitization.”
CEO Vajira Kulatilaka said that “despite the tough conditions which prevailed in the country’s money market and the capital market during the first quarter of 2013, all our companies have performed well”.
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