NDB Capital Holdings PLC PAT at Rs.207 million
View(s):NDB Capital Holdings PLC recorded in the second quarter of 2014 a consolidated quarterly income of Rs. 321 million, which translated to a consolidated PAT of Rs. 207 million, a media release issued by the bank stated.
At company level, the quarterly Income and PAT stood at Rs. 173 million and Rs. 153 million respectively, it was noted.
The first half performance of the group also recorded a similar growth trend as the income improved by 13 per cent from Rs. 602 million (adjusted) to Rs. 682 million. The net profitability too grew by 22 per cent to Rs. 454 million in 2014 compared to the adjusted profit of Rs. 373 million in 2013.
The reason for the adjustment is due to NCAP Group recording an extraordinary profit during the first quarter of 2013 owing to income from investing approximately Rs. 6.7 billion in cash it received via the divestment of both direct and indirect stakes held in Aviva NDB Insurance PLC, the release stated. NCAP is a subsidiary of National Development Bank PLC. However, this cash was returned to shareholders towards the end of 2013Q1 and was not available for the company for investments beyond that period. During the first half of 2014 the company was mainly fueled by efficient asset allocation and successful investmentstrategies.The Group annualized ROE also increased to 14.3 per cent in the first half of 2014 from 11.5 per cent (adjusted) in H1 2013.