NDB posts PBT of Rs. 4.2 bn, up by 55%
View(s):National Development Bank PLC (NDB) demonstrated resilience in its performance, as reflected in the financial statements released for the six months ended 30 June 2023, despite the continuing challenges that affect the banking industry.
NDB reported post tax profitability of Rs. 2.3 billion for the six months ended 2023 (H1 2023), an increase of 37 per cent over the same period in the prior year (YoY/ comparative period). Pre-tax profitability was Rs. 4.2 billion, a YoY increase of 55 per cent.
In a media release, NDB’s Director/ CEO Dimantha Seneviratne stated that it is encouraging to note the Sri Lankan economy converging on the path of recovery and growth.
“The banking sector has always been a key catalyst in national economic prosperity, and as our country emerges from a deep setback, we are strongly aligned in supporting such momentum. The banking sector bore the brunt of the economic crisis but remains stable. There was much uncertainty around the Government of Sri Lanka’s domestic debt optimisation (DDO) mechanism which exerted considerable pressure on the industry. The finalisation of the DDO and the options extended to banks has removed ambiguity and has helped lessen the risk premia added to interest rates. We anticipate similar clarity on international debt restructuring.”
The bank posted total revenue of Rs. 66.7 billion for H1 2023, up by 50 per cent YoY driven by sound performance of all income categories save and except for other operating income.
Interest rates remained on an increasing trend till early June 2023 attuned to the Central Bank’s tightening monetary policy and increased policy rates.
Impairment charges for the six months ended 30 June 2023 were Rs. 7.9 billion, a YoY reduction of 43 per cent, primarily due to higher impairment provisions made for FCY investments in the same period of 2022. NDB continued to maintain provisions on investments in foreign currency bonds, for the expected International Sovereign Bond (ISB) restructuring to be announced by the Government of Sri Lanka during the year.
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