NDB delivers strong performance in 9-mth review
View(s):As Sri Lanka’s political landscape stabilises and the national economic agenda prioritises growth and enhanced living conditions, confidence in the country’s investment potential is rising, NDB Bank said in its 9-month performance review ending September 20, 2024.
“These developments signal positive momentum for the economy, and NDB stands ready to support this journey. Guided by our strategy, NDB is well-positioned to contribute to national progress and upliftment as a longstanding banking institution committed to empowering communities and driving sustainable growth. Together, the bank looks forward to building a more prosperous future for all Sri Lankans,” it said in a statement.
The bank reported resilient performance for the nine months. NDB’s Director/ CEO, Kelum Edirisinghe commenting on the results said: “We are encouraged by the positive trajectory of Net Interest Margins (NIMs), strong cost discipline and improved credit cost. These are a result of the focus we maintain on our strategy to deliver sustainable returns and enhance shareholder value in a rapidly shifting economic landscape. In line with the bank’s commitment to sustainable growth, we are confident in delivering on our strategic mandate.”
The bank’s pre-tax profitability for the review period was Rs. 9.4 billion, a marginal decline of 2 per cent YoY, whilst post-tax profitability was Rs. 4.5 billion.
NDB recorded a net operating income of Rs.21.5 billion, a 9 per cent increase over the comparative period of 2023 (YoY). The notable reduction in impairment charges by 21 peR cent YoY augured well in maintaining the healthy growth in net operating income against de-growth seen in some key revenue lines.
Impairment charges for the period were Rs. 11 billion comprising charges on the loan book and investment portfolio. Enhancing loan book quality, another key cog of NDB’s mid-term strategy remained well on track, as demonstrated in continually enhancing related ratios.
NDB’s gross loans to customers was Rs. 501.1 billion, whilst customer deposits was Rs. 611.5 billion as at the end of the period, leading to a loans to deposits ratio of 82 per cent.
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