NDB ends 2017 with strong 41 % growth in PBT
View(s):Sri Lanka’s National Development Bank PLC (NDB) completed the financial year 31 December 2017 with impressive performance across all fronts, the bank said.
Bank CEO Dimantha Seneviratne attributed the success of the year to a streamlined strategy which was pursued with focus, and the commitment and dedication of NDB’s talented team for “precise execution.”
In a media statement, the bank said pre-tax profit (PBT) on financial services rose by 41 per cent to Rs. 7,547 million while post-tax profit was up 37 per cent to Rs. 4,352 million from the 2016 period.
Gross income rose to Rs. 42.5 billion while total operating income grew by 23 per cent to Rs. 16,152 million.
Total impairment charges for loans and other losses was Rs. 1,259 million, down by 8 per cent over 2016.
Total assets of the bank stood at Rs. 383 billion at the end of the year, with a healthy growth of 15 per cent over 2016.
The non-performing loan (NPL) ratio of the bank dropped to 1.83 per cent as of end 2017 from 2.63 per cent at the end of 2016.
“Each loan facility of the bank undergoes a prudent process right from loan origination, approval through disbursement up to timely recovery, which has helped maintain the NPL at below industry average. Precise diversification of the portfolio and avoidance of over-concentration on any one sector have also helped maintain the quality of the loan portfolio,” the statement said.
Customer deposits increased by Rs. 70 billion to Rs. 273 billion by end 2017. Mr. Seneviratne, commenting on the future, said the bank has commenced implementing its new strategic plan from the second half of 2017 which was devised with the professional input of the International Finance Corporation (IFC).