Sri Lanka’s NDB net up 35-pct lower loan loss provisions

ECONOMYNXT – Profits at Sri Lanka’s National Development Bank group grew 35 percent to 547 million rupees in the March 2017 quarter from a year earlier on sharply lower loan loss provisioning, interim accounts showed.

The group reported earnings of 4.46 rupees per share for the quarter.

Interest income grew 37 percent to 8.6 billion rupees in the quarter, interest expense grew at a faster 48 percent to 6.2 billion rupees and net interest income grew 17 percent to 2.4 billion rupees.

Loans grew 6 percent from December to 241 billion rupees.  Financial assets – available for sale fell 8 percent to 28.4 billion rupees.

Customer deposits grew 12 percent to 227 billion rupees.

Fees and commission income fell 7 percent. Trading gains rose 46 percent to 272 billion rupees and net gains on financial investments fell 56 percent to 65 million rupees.

Loan loss provisions plunged 80 percent to 111 million rupees from 545 million rupees a year earlier, helping the bottom line.

Group gross asset grew 4 percent to 353.7 billion rupees. Net assets grew 1 percent to 31.3 billion rupees. (Colombo/May04/2017)

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