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Mon, 30 March 2015 08:46:28
Sri Lanka NDB group net flat
12 Nov, 2012 13:59:45
Nov 12, 2012 (LBO) - Sri Lanka's NDB group profits edged 3 percent lower to 678 million rupees in the September 2012 quarter from a year earlier, with interest and staff expenses rising, interim accounts show.
The group posted earnings of 4.13 rupees per share in the quarter. In the nine months to September the group reported earnings of 12.43 on total profits of 2.04 billion rupees.

Group return on average shareholder funds fell to 16.66 percent in September from 16.72 percent in December 2011. Return on assets fell to 1.70 from 2.16 percent.

The NDB group exited a stake in Sri Lanka's Aviva unit to American International Interest which is expected to bring in 59 million US dollars in profits in the December quarter.

"The third quarter results again prove the robustness of our business model improving risk return profile and our foot print in the country whilst contributing towards the National Development," chief executive Russell de Mel said.

"The performance during the period reflects sound execution of our business strategies, which center on operating consistency and a disciplined approach to asset and cost management."

In the September quarter interest income rose 48 percent to 4.5 billion rupees but interest expenses rose at a faster 71 percent to 3.0 billion rupees allowing the group to grow net interest income 17 percent to 1.49 billion rupees.

Fee income was flat at 724 million rupees, barely changed from 719 million rupees a year earlier.

Total performing loans rose 11 percent to 112 billion rupees by end September 2012 from December 2011. Deposits grew at a faster 20 percent to 96 billion rupees.

Non-performing loans rose 12 percent to 1.5 billion rupees.

Group gross assets rose 15 percent to 163 billion rupees in the nine months to December. Net assets rose 8 percent to 19.4 billion rupees.

Capital adequacy rose to 16.4 percent from 15.89 percent in December 2011.

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