| First Quarter '06 | NDB Bank | ||
| 1Q - 2006 |
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Good Windfall
May 18, 2006 (LBO) – Sri Lanka's NDB Bank Thursday reported a 585 percent jump in first quarter profits boosted by capital gains from the partial equity stake sale in Eagle Insurance. "The results are not surprising, considering the capital gains made from the part sale of Eagle to Aviva," notes Chinthaka Ranasinghe, Head of Research John Keells Stockbrokers, who forecasts full-year earnings to be 2.7 billion rupees. The development finance institution, which also has interest in commercial banking, stockbroking and housing said group net profits surged to 1.56 billion rupees during the quarter ended March 31 over 227.04 million rupees reported in the same period 2004.