Sri Lanka’s NDB Bank net down 32-pct in Sept

ECONOMYNEXT – Profits at Sri Lanka’s NDB Bank fell 32 percent to 843 million rupees amid slow loan growth and falling interest income, interim accounts showed.

The bank reported earnings of 5.13 rupees per share for the quarter. For the nine months to September the bank reported earnings of 13.90 rupees per share on total profits of 2.2 billion rupees, which fell 30 percent.

Fee and commission income rose 13 percent to 751 million rupees helped by other income.

Interest income fell 2 percent to 5.33 billion rupees, interest expenses rose 1.2 percent and net interest income fell 7.8 percent to 1.9 billion rupees.

NDB Banks’ loans grew 10 percent to 192 billion rupees, while available for sale financial instruments rose 34 percent to24 billion rupees, during the nine months.

The bank made a fair value loss 72 million rupees on the available for sale portfolio and 371 million rupees on a cash flow hedge, which was not charged to the profit and loss account.

Customer deposits grew 12 percent to 169 billion rupees.

Net assets grew 4 percent to 30.0 billion rupees and gross assets grew 6 percent to 254 billion rupees.

Group capital adequacy fell from 17.5 percent to 16.82 percent. At bank level Tier I capital fell to 9.87 percent from 10.09 percent in December but total capital adequacy was at 14.20 percent, above regulatory minimum, though slightly down from 14.68 percent.

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