National Development Bank said its first quarter profits rose 58% to Rs. 225.9 mn due prevailing low interest rates and capital gains.
Interest expense during the period rose to Rs. 643.6 mn, while equity income went up 38% to Rs. 115.4 mn.rn
rnThe bank provided Rs. 149.2 mn for possible credit losses, while the VAT on bank profits cost them Rs. 27.6 mn.rnrn
NDB Group quarter ending March 31, 2003rn(figures in Rs. 000)