NDB Group’s pre-tax profit surpasses Rs.24 bn
View(s):National Development Bank PLC (NDB) has announced a record-breaking profit for the financial year 2024, marking a significant milestone in the bank’s growth trajectory.
The bank reported a pre-tax profit of Rs.24.3 billion, sharply up 141 per cent over 2023 inclusive of the one-off gain of Rs.12.8 billion stemming from the ISB restructure, it said in a media release.
NDB’s post-tax profit was Rs. 9 billion, a 68 per cent increase over the prior year while the results revealed the highest-ever profitability figures the bank and the group have posted in its 45 years-plus history.
All key performance indicators (KPIs) and shareholder metrics showed substantial improvements, reflecting the bank’s resilience and commitment to delivering value.
NDB’s Director/ Chief Executive Officer Kelum Edirisinghe commenting on the performance said: “We are proud of our performance in FY 2024, which demonstrates our financial strength and our ability to adapt in a reviving and evolving economic landscape. Our FY 2024 results were driven by a focused strategy that improved operational efficiency and enhanced customer engagements. As highlighted in prior press communications, we centered our efforts on three key pillars: driving transactions, enhancing portfolio quality and increasing net interest margins.”
The impact of the debt restructuring, comprising the Day 01 loss and hair-cut loss, was Rs. 14.3 billion while the net impairment reversal was Rs.10 billion.
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