Feb 22, 2010 (LBO) – Sri Lanka’s National Development Bank’s December 2009 quarter profits fell 10 percent to 484 million rupees from a year earlier, but full year profits were up 30 percent to 2.08 billion rupees.
NDB Bank expanded its branch network to northern Jaffna and to eastern Batticaloa, Trincomalee and Ampara in the third quarter of 2009 with the end of the island’s ethnic war last May.
With the opening of a branch in northern Vavuniya recently, the total branch network increased up to 45. The banks said in a statement that it was helped by 732 million rupees in capital gains from government securities.
Full year revenues grew 13 percent to 14.1 billion rupees, with interest income up 7 percent to 11.6 billion rupees, interest expense up 4 percent to 7.3 billion rupees and net interest income up at a faster 12 percent to 4.2 billion rupees.
In the December quarter total revenues fell 2.0 percent to 3,163 million as interest rates fell, un-audited accounts filed with the Colombo Stock Exchange said.
Interest income fell 7.1 percent to 2.68 billion rupees, during the quarter while interest expense fell at a faster 8.6 percent to 1.68 billion rupees, and net interest expense fell at