Feb 19, 2009 (LBO) – Sri Lanka’s NDB Bank said group net profit rose sharply in the December quarter, although annual profit was up only five percent to 1.6 billion rupees from a year ago. NDB group total income for the December quarter rose almost 30 percent to 3.2 billion rupees and net profit increased almost 47 percent to 541 million rupees.
For the financial year ending December 31, 2008, total group income rose 24 percent to 12.5 billion rupees.
“The global financial meltdown and the economic recession are impacting the Sri Lankan economy and the banking industry,” the bank said in a statement.
“In this environment, NDB Bank has focused on consolidating and maintaining high quality assets.”
The bank said it has focused on stability and a strong balance sheet and that it remains “one of the best-capitalized financial groups poised for future expansion in an improved economic environment.”
Group net interest income for the year rose eight percent to 3.8 billion rupees, with interest income rising 30 percent while interest expenses went up by 39 percent.
The accounts released to the Colombo stock exchange showed foreign exchange income went up 47 percent