Steady Gains

May 17, 2014 (LBO) – Profits at Sri Lanka’s National Development Bank rose 135 percent from a year earlier to 1.19 billion rupees in the March 2014 quarter, amid positive loan growth, interim accounts showed. Group total assets grew 12 percent to 197 billion rupees and net assets were up 1 percent to 24.7 billion rupees.

The bank was recovering from a low base following a sharp decline in profits the previous year, but there were gains across business segments this quarter, with 6 percent loan and net interest income growth.

The bank reported earnings of 29.66 rupees per share.

Interest income rose 3 percent to 5.1 billion rupees in the quarter and interest expenses fell 3 percent to 3.2 billion rupees and the bank grew net interest income 16 percent to 1.86 billion rupees.

The bank grew loans 6 percent to 144 billion rupees and financial investments – loans and receivables to 25 billion rupees from 16 billion rupees.

Loan losses were 125 million rupees, up from 23 million rupees.

Fee income rose 54 percent to 594 million rupees. Trading gains rose 68 percent to 716 million rupees.