Sri Lanka’s NDB Bank net down 32.1 -pct in Dec quarter

ECONOMYNEXT – Profits at Sri Lanka’s NDB Bank group fell 32.1 percent to 1.24 billion rupees in the December 2021 quarter from a year earlier amid lower net interest income and higher loan loss provisions, interim accounts show.

The group reported earnings of 5.63 rupees per share for the quarter. In the year to December NDB Bank reported earnings of 20.53 rupees on total profits of 5.1 billion rupees, which grew 7 percent.

The stock traded 10 cents up at 89.10 rupees on February 19.

Net interest income fell 3.52 percent to 4.3 billion rupees in the December 2020 quarter with interest income falling 8.5 percent to 12.6 billion rupees and interest expenses falling 11.1 percent to 8.1 billion rupees.

Group customer loans grew to 425 million rupees in December from 396.6 million a year earlier.

Loan loss provisions rose to 2.3 billion rupees in the quarter from 1.35 billion rupees last year.

The gross non-performing loan ratio grew to 5.35 in December from 4.7 in 2020

Fee income grew to 1.7 billion rupees from 1.39 billion rupees.

Deposits grew to 489.6 billion in December from 404.6 in 2020.

Group gross assets grew 18 percent to 632 billion rupees.

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Net assets grew 11 percent to 43.3 billion rupees in December from 39 billion last year.

Tier I capital adequacy at bank level was 9.17 percent in December from 9.18 percent last year

Total capital adequacy was 14.32 percent in December from 13.43 last year. (Colombo/Feb 19/2021)

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