NDB records highest post-tax profit of Rs. 2.3 bln in 1H 2017
View(s):The National Development Bank PLC (NDB) has ended the first half of the year 2017 with a record post-tax profit of Rs. 2.3 billion, sharply up by 81 per cent from the same period last year.
“This is the highest recorded post-tax profit for the bank in its history for any first half of a financial year, which was supported by commendable growth in core banking operations and dividend contributions from group companies,” the bank said in a media release.
The bank’s performance was supported by the growth in loans and advances to customers which grew by 11 per cent (by Rs. 24.8 billion) and deposits by 17 per cent (by Rs. 35.5 billion).
The statement quoted NDB Director/CEO of NDB, Dimantha Seneviratne as saying that the bank was able to l maintain the sound growth coming from all the sectors diversifying the core banking income base.
He also noted the first half results “are a clear affirmation of the sustainable growth mode that the bank has entered into.”
Mr. Seneviratne said that the bank’s new strategy which is developed in professional consultation with the International Finance Corporation (IFC) is now in execution mode, and will direct the bank towards reaching key milestones in business volumes as well as enhancing stakeholder returns.
The branch network reached 106 branches spread across the island, with the latest addition to the network being Kottawa in May 2017. The network is supported by an on and off-site ATM network of 118 ATMs.