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NDB 1Q group net down 27%; bank level profits up 30%

15 May 2015 03:59 am - 0     - {{hitsCtrl.values.hits}}

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NDB Banking group saw its net profit for the quarter ended March 31, 2015 (1Q15) falling 27 percent year-on-year (yoy) to Rs.869.2 million, largely due to lower gains from financial investments.
 However at the bank level, net profit rose 30 percent yoy to Rs.1.55 billion.  The basic earnings per share at the group level deteriorated to Rs.5.28 from Rs.7.41 reported in the corresponding quarter of the previous year.  The banking group’s net interest income rose 6 percent yoy to Rs.1.98 billion. The interest income grew only 1 percent yoy and interest expenses fell 2 percent yoy.
 Net gains from financial investments slowed down 76 percent yoy to Rs.106 million. The trading income also fell 27 percent yoy to Rs.208 million.
The banking group’s loan book remained unchanged during the quarter under review at Rs.175 billion from December 31, 2014. Deposit base grew 7 percent to Rs.162 billion.

The net fee and commission income rose 12 percent yoy to Rs.674.4 million.
 
Impairment charges for loans and other losses was a release of Rs.64 million for the quarter under review as compared to a charge of Rs.28 million for the corresponding quarter of 2014.
 
The gross non performing loan ratio improved to 2.49 percent, compared to 2.51 percent as at December 31, 2014. 
  
The total operating expenses rose 9 percent yoy to Rs.1.56 billion, with personal expenses surging 15 percent yoy to Rs.864 million.
 
“The Cost to Income Ratio (CIR) was 39 percent for the quarter and is one of the lowest CIRs in the industry,” NDB said.

The bank also said it opened up 3 new branches.
 
The profits from associate companies fell more than half to Rs.47 million.
 
The banking group’s capital market related operations saw their profits coming down to Rs.123.3 million from Rs.145.6 million.
 
The bank’s capital adequacy positions remained well above regulatory requirements.
 
Meanwhile NDB said the impact of 25 percent additional one-off tax proposed in the interim budget on companies with over Rs.2 billion profits in FY13/14 is estimated at Rs.846 million.
 
NDB, DFCC Bank and DFCC Vardhana have called off an agreement to merge their operations under the previous regime’s financial sector consolidation program. 
 
The Cost to Income Ratio (CIR) was 39 percent for the quarter and is one of the lowest CIRs in the industry.
 

 
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