Nov 16, 2009 (LBO) – Sri Lanka’s NDB Bank said net profits for the September 2009 quarter was up 75-pct to 615 million rupees from a year earlier, while revenues grew 14.4 percent to 3.62 billion rupees. Interest income grew 5.3 percent to 2.89 billion rupees, interest expese fell 0.3 percent to 1.80 billion allowing net interest income to grow 16.1 percent to 1.09 billion rupees.
Fee income grew 74 percent to 727.2 million rupees, helped by a 220.9 million equity gain, up from 52.7 million a year earlier.
Group performing loans fell 8.2 percent to 50.6 billion rupees from the begning of the year and non-performing loans (NPLs) grew 23.5 percent to 1.56 billion rupees.
Loan loss provisions fell to 36.1 million rupees from 44.6 million a year earlier with 94.5 million in write-backs and 134.6 million in fresh provisions. The group gross NPL ratio fell to 2.24 percent from 2.28 percent at the beginning of the year while the net NPL ratio was only 0.76 percent up from 0.58 percent.
Group Tier I capital adequacy was 18.41 percent and with Tier II, 22.06 percent.
Group gross assets grew 8.0 percent to 89.9 billion rupees and net assets 8.3 percent to 13.7 billion rupees.