NDB says profits to shareholders reach Rs. 1.1 bln in 1stH 2016
View(s):National Development Bank PLC and its group companies this week posted a Profit Attributable to Shareholders (PAS) of Rs. 1,083 million for the first six months of 2016, down by 25 per cent from the same 2015 period. This, the bank said in a media release, was due to the increase in impairment charges. “However, this is an improvement, in comparison to the year-on-year (YoY) PAS of Q1 2016 which was a reduction of 37 per cent,” it said. Gross income of the NDB Group rose by 23 per cent to Rs.15,506 million for the period under review. Operating expenses of the group grew by 7 per cent compared to the comparative period. NDB Group’s customer deposits reached Rs.190 billion by end June 2016, marginally up by 3 per cent.
NDB CEO Rajendra Theagarajah, commenting on the bank’s ambitious organic growth, noted that “the bank is resolute in providing the best and most convenient banking experience to the bank’s clientele, through meaningful expansion of the branch network and technology enabled banking services”. NDB Chairman, N.G. (Tanky) Wickremeratne maintained that the bank will strengthen its stance through the infusion of quality capital in the near future, which will enable the bank, further expansions. “The bank is well geared for the remainder of the year to embrace new business opportunities, attune its strategies in response to evolving monetary policy stances from the regulator and yield profitable growth and sustained returns to all its stakeholders,” he said.