Sri Lanka’s NDB profits down 27-pct in March quarter

COLOMBO (EconomyNext) – Profits at Sri Lanka’s National Development Bank group fell 27 percent from a year earlier to 869 million in the March 2015 quarter, amid lower capital gains, interim accounts show.

The group reported earnings of 5.28 rupees per share.

Group interest income rose 1 percent to 5.1 billion rupees and expense fell 2 percent to 3.1 billion rupees allowing net interest income to grow 6 percent to 1.9 billion rupees.

Loan loss provisions were a write back of 63 million rupees in the quarter against a charge of 125 million rupees a year earlier.

Net fee income was up 12 percent to 612 million rupees. Gain from trading fell to 207 million rupees from 284 million rupees and net gain from financial investments fell 76 percent to 106 million rupees.

Loan growth was flat during the quarter at 175 billion rupees, and financial investments – loans and receivables fell 49 percent to 19.5 billion rupees. Financial investments – available for sale rose sharply to 27 billion rupees, from 18 billion rupees.

Balance sheet growth was flat with gross assets remaining at 269 billion rupees.

Deposits grew 7 percent to 162 billion rupees. The bank cut debt securities and other borrowings to 45 billion rupees from 61.9 billion rupees.

 

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