Aug 19, 2010 (LBO) – National Development Bank (NDB) June quarter profits fell 17.9 percent to 434.7 million rupees, due to a fall in fee-based incomes, while personal, premises and operating costs have gone up, a stock exchange filing said.
NDB group’s interest income had come down 16.4 percent to 2.45 billion rupees, while interest expenses fell at a much faster rate of 28 percent to 1.39 billion rupees, resulting in a net interest income of 1.05 billion rupees, up 5.9 percent, its accounts showed.
In the June quarter income from investments in equity fell 2.5 percent to 87.4 million rupees and other income which is mostly made up of fee based services came down 30.3 percent to 471.8 million, while foreign exchange income rose 63 percent to 158.5 million rupees.
Personal costs were up 25.5 percent to 378 million rupees, premises costs rose 11.8 percent to 233 million and operating costs also rose 20.1 percent to 169.7 million rupees.
The banking group made a made general loan loss provision of 26 million rupees. In the same quarter last year it had a reversal of 18.4 million.
Specific provisions fell 68 percent to 25.6 million rupees, while loan recoveries rose 910 percent to 65.7 million rupees.