April 25, 2008 (LBO) – NDB Bank says it has done well with a low cost to income ratio, and having the lowest non-performing loans among local banks while being profitable and having a strong balance sheet. “The bank’s low cost income ratio among local banks also reflects its stability while the growth in its deposit mobilization demonstrates the rapid expansion of its distribution network,” the bank said in a statement after being ranked eighth among top Sri Lankan firms by Business Today, a monthly in the island.
“NDB Bank is also well capitalized with a strong balance sheet.”
NDB Bank was started in 1979 to provide medium and long-term project finance for business in Sri Lanka and it entered commercial banking in 2001.
Its profits had grown 84 percent with the sale of a stake in Eagle Insurance to Aviva.
“With long-term sustainable returns, the bank has done well in terms of profitability and has a quality portfolio with the lowest non-performing loans in the industry among local banks,” NDB said.
It now offers structured and corporate finance deals, project financing, small and medium enterprise financing, retail banking, treasury, cash management services, trade finan