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NDB group net down 52%; bank profits surge on equity income

15 May 2013 05:10 am - 0     - {{hitsCtrl.values.hits}}

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Sri Lanka's National Development Bank PLC (NDB) saw its group net profit falling 52 percent Year-on-Year (YoY) to Rs.500 million in the first quarter of 2013 (1Q13) despite bank's profit rising 387 percent, helped by other operating income amounting to Rs.6 billion, largely
consisting of equity income.

The group net interest income during the period rose 17 percent YoY to Rs.1.6 billion while net fee and commission income increased 5 percent
YoY to Rs.311 million. The group's other operating income also rose 12 percent to Rs.402 million.

The net trading income, mostly foreign exchange, fell 49 percent YoY to Rs.149 million. Meanwhile, impairment changes which include non-performing loans have returned to positive.

Earnings per share for the quarter stood at Rs.3.09 against Rs.6.47 reported in the corresponding quarter of the previous year.

A segmental analysis of the group showed that NDB Investment Bank and NDB Stock Brokers recorded modest profits due to the prevailing slow
moving and inactive capital market conditions in the first quarter.

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