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Wednesday May 19th, 2021
Banking

Sri Lanka’s NDB Sept quarter net profit flat at Rs1.1bn

ECONOMYNEXT – Profits at Sri Lanka’s National Development Bank (NDB) were almost flat at 1.1 billion rupees in the September 2019 quarter from a year earlier, mainly because of a debt repayment levy, interim accounts showed.

The group reported diluted earnings per share of 5.17 rupees for the quarter, down from 5.86 rupees the year before. The share closed Thursday at 104.40 rupees, down 50 cents or 0.5 percent.

Interest income grew 17 percent to 13.5 billion rupees in the September 2019 quarter from a year ago and expense grew 18 percent to nine billion rupees with net interest income up 15 percent to 4.5 billion rupees.

Trading gains were sharply lower while provision for bad loans fell.

NDB paid 259 million rupees as the debt repayment levy which was introduced in the latter part of 2018.

A statement said 56 percent of the bank’s operating profit before taxes has been paid as taxes in the third quarter of 2019, compared to 43 percent a year ago.

The bank’s Net Interest Margin (NIM) was 3.42 percent, compared to 3.48 percent a year ago.

Loans grew 10 percent to 378 billion rupees to September 2019 from December 31, 2018.

Deposits grew by eight percent in the year to date to reach 374 billion rupees, up 27 billion rupees over December 2018.

“Increases in the loan book as well as the thrust in the bank’s digital financial services propelled the growth in the fee based income,” the statement said.

“Traction was seen in both consumer loans and long term loans segments.”

(COLOMBO, 14 November 2019)

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