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NDB Bank Sri Lanka net up on June 2020 quarter

ECONOMYNEXT – Profits at Sri Lanka’s NDB Bank net profits grew 43 percent to 1.1 billion rupees in the June 2020 quarter from a year earlier, partly helped by bond profits as interest rates fell amid higher provisions, interim accounts showed.

NDB Bank reported earnings of 5.06 rupees per share for the quarter. In the six months to June the bank reported earnings of 10.16 rupees on total profits of 2.3 billion rupees which grew 13 percent.

Net interest income grew 11 percent to 4.5 billion rupees in the quarter, with interest income up 2.2 percent to 13.5 billion rupees, interest expenses down 2 percent to 9.0 billion rupees.

About 40 percent of loan book of the banks was in moratorium, the bank said.

Loans grew 4 percent to 413 billion rupees from December to June.

Non-performing loans were 5.4 percent in June up from 4.77 percent in December.

Fee income fell to 984 million rupees from 1.1 billion rupees

Gross assets were up 6 percent to 567 billion rupees.

Net assets were up 6 percent to 4.8 billion rupees.

Tier I capital was at 9.3 percent, up from 9.18 percent at bank level (10.09 at group) higher than the 8.0 percent required. Total capital adequacy was at 12.94 percent, down from 13.43 percent (group 13.57 down from 14.20 percent) (Colombo/Aug16/2020).

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