June 01, 2008 (LBO) – Sri Lanka’s National Development Bank said group net profit for the March quarter rose 16 percent to 349 million rupees from a year ago with loan growth slow but with a tight control on bad loans. Total group income went up 45 percent to three billion rupees in the quarter ended March 31, 2008, according to a Colombo stock exchange filing.
The bank’s net interest income rose 11 percent to 742 million rupees with interest income growing at 39 percent to 2.4 billion rupees while interest expenses grew at 57 percent to over 1.6 billion rupees.
Interest income on loans and advances grew 38 percent to almost 1.8 billion and foreign exchange income rose 92 percent to 177 million rupees.
NDB group total assets went up four percent to 78.8 billion as at March 31, 2008 from December 31, 2007.
At bank level, total performing loans and advances grew two percent to almost 52 billion rupees as at March 31, 2008 from December 31, 2007.
The bank’s total specific provision as at 31 March 2008 amounted to 1,388 million rupees, according to a bank statement while the general provision was 432 million rupees.
“NDB Bank’s loan portfolio quality remains very good with the Non-Performin