Feb 24, 2011 (LBO) – Sri Lanka’s NDB Bank’s net profit for the December 2010 quarter rose 25 percent to 607 million rupees from a year earlier while the full year net rose 3.0 percent to 2.14 billion rupees. The bank is reporting 26.22 rupees earning per share for the year.
In the December quarter interest income fell 7.6 percent to 2.92 billion rupees, interest expenses fell at a faster 16 percent to 1.41 billion rupees, allowing net interest income to rise 3.9 percent to 1.02 billion rupees.
Fee income was steady at 483 million rupees, against 479 million rupees a year earlier.
Chief executive Russell de Mel said profit growth in 2009 came from capital gains from its government securities 2010 profits came from more sustainable core banking activities.
The bank had reversed loan loss provisions of 212 million rupees for the quarter.
Total loans grew 30 percent to 71 billion rupees in the year to December. Total deposits grew 19 percent to 59.3 billion rupees. The bank’s non-performing loan ratio had fallen to 1.9 percent in December 2010 from 2.5 percent a year earlier.
Gross assets grew 9 percent to 108.7 billion rupees. Net assets grew 8 percent to 16.0 billion rupees.