NDB Bank posts Rs. 1.6 bln post tax profit
View(s):National Development Bank concluded the first quarter of 2015, posting a post tax profit (PAT) of Rs. 1.5 billion, up 30 per cent compared to the first quarter of 2014.
NDB CEO Rajendra Theagarajah, commenting on the results reiterated that NDB is committed to adding tangible value to its stake holders through excellent financial performance. He said the bank has embarked on an aggressive growth trajectory to gain significant and systemically important market share in the Sri Lankan banking and financial services sector.
Total Operating Income before impairment charges for loans and other losses and operating expenses grew by 18 per cent year-on-year (YoY) to Rs. 3.6 billion in the first quarter of 2015. Net gains from its total investment portfolio declined by 49 per cent to Rs. 284 million.
Non Performing Loan (NPL) ratio of the bank was 2.49 per cent and compares with an NPL ratio of 2.51 per cent at the end of 2014. “This is one of the lowest NPL ratios of the industry and reflects the sound risk management practices embedded within the bank’s loan origination, disbursement, recovery and monitoring processes,” a bank media release said.
Total group assets reached Rs. 270 billion during the review period. Customer deposits of the bank grew by 7 per cent from 31 December 2014 to reach Rs. 163 billion.