Steady Quarter

Nov 12, 2012 (LBO) – Sri Lanka’s NDB group profits edged 3 percent lower to 678 million rupees in the September 2012 quarter from a year earlier, with interest and staff expenses rising, interim accounts show. The group posted earnings of 4.13 rupees per share in the quarter. In the nine months to September the group reported earnings of 12.43 on total profits of 2.04 billion rupees.

Group return on average shareholder funds fell to 16.66 percent in September from 16.72 percent in December 2011. Return on assets fell to 1.70 from 2.16 percent.

The NDB group exited a stake in Sri Lanka’s Aviva unit to American International Interest which is expected to bring in 59 million US dollars in profits in the December quarter.

“The third quarter results again prove the robustness of our business model improving risk return profile and our foot print in the country whilst contributing towards the National Development,” chief executive Russell de Mel said.

“The performance during the period reflects sound execution of our business strategies, which center on operating consistency and a disciplined approach to asset and cost management.”

In the September quarter interest income rose 48 percent t

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