Aug 15, 2011 (LBO) – Group profits of Sri Lanka’s NDB Bank fell 8 percent to 396 million rupees in the June 2011 quarter with lower fee income and an 84 million write-off of an investment in the Maldives, interim accounts showed. The bank has earnings of 2.42 for the quarter and 6.10 for the half year. The stock closed at 133.90 rupees up 70 cents Monday before the results were released.
Group interest income rose 9 percent to 2.44 billion rupees and interest expense rose at a faster 13.5 percent to 1.58 billion rupees forcing net interest income to grow at a slower 3.8 percent.
From December to June 2011 group performing loans rose 87.2 billion rupees.
After a merger with a commercial banking unit NDB now gives working capital, trade finance and cash management services to corporate and small and medium customers in addition to project finance it gave as a purely development bank earlier, the lender said.
The bank said it has debit and credit card services and an online shopping payments facility via Visa for debit and prepaid card holders.
Fee income fell 10 percent to 645 million rupees with equity income a negative 15.8 million rupees in the June quarter against an 87 million rupee gain a year earlie