Sri Lanka’s NDB net down 31-pct in June quarter
ECONOMYNEXT – Profits at Sri Lanka’s National Development Bank group fell 31 percent to 574 million rupees in the June 2015 quarter from a year earlier, amid narrowing net interest income and higher general loan loss provisions, interim accounts showed.
The group reported earnings of 3.49 rupees per share for the quarter. In the six months to June the group reported earnings of 8.76 rupees per share, on total profits of 1.44 billion rupees, which fell 29 percent.
Fee income rose 40 percent to 764 million rupees
Group interest income fell 2.2 percent to 5.14 billion rupees and interest expenses rose 2.7 percent to 2.2 billion rupees, narrowing net interest income 10.5 percent to 1.8 billion rupees.
Loan loss provisions almost doubled to 281 million rupee from 94 million rupees with a general provision of 281 million rupees. Financial investments – loans and receivables fell to 25 billion rupees from 38 billion rupees.
Loans grew 3 percent to 181 billion rupees. Investments available for sale grew 17 percent to 21 billion rupees.
The bank increased customer deposits 12 percent to 169 billion rupees.
Group gross assets rose 3 percent to 276 billion rupees and net assets to 28.6 billion rupees.