Higher Profits

Aug 15, 2013 (LBO) – Profits at Sri Lanka’s National Development Bank group rose 297 percent to 797 million rupees in the June 2013 quarter helped by strong interest income and lower bad loan provisions, interim accounts showed. Trading profits rose to 285 million rupees from 211 million rupees and other operating profits were 425 million rupees against 435 million a year earlier.

Gross assets grew 8 percent to 160 billion rupees during the six months to June. Net assets fell 4 percent to 24.5 billion rupees.

At standalone bank level core capital adequacy rose to 13.8 percent by June from 11.1 percent in December and total capital adequacy rose to 15.09 percent from 12.4 percent.

The bank reported earnings of 4.86 rupees per share for the quarter. For the six months to June the bank reported earnings of 7.95 cents per share on total profits of 1.30 billion rupees down 1.9 percent.

“Despite the challenges in the business environment that prevailed during the period, NDB has delivered higher profits and enhanced value to its shareholders,” chairman chairman Hemaka Amarasuriya said in a statement.

“We will continue our focus on growing our core banking activities whilst contributing to the economic develop