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Friday Sep 20, 2024
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NDB held an investor forum recently to discuss the audited full-year financial results for the financial year ended 31 December 2019, at the Galadari Hotel, Colombo.
The event was attended by NDB Chairman Kavan Ratnayake, NDB Director and Group CEO Dimantha Seneviratne, NDB Corporate Banking Senior Vice President Buwaneka Perera, NDB Personal Banking and Branch Network Management Senior Vice President Sanjaya Perera, NDB Chief Operating Officer Deepal Akuretiyagama, NDB Vice President Finance Suvendrini Muthukumarana and NDB Capital Holdings Ltd. CEO Vajira Kulatilaka.
The investor forum marked the release of the bank’s 2019 NDB Annual Report themed ‘Our Voyage Beyond’, to the Colombo Stock Exchange. Furthermore, the forum also highlighted the bank’s efforts in facilitating discussions and access to management for the stock broking and investment analysts’ fraternity.
In 2019, NDB recorded Rs. 10 billion Profit Before Tax (PBT), the highest ever PBT in banking operations in its journey of 40 years. This is a 6% year-on-year (YoY) growth, affirming its resilience in a challenging market environment which prevailed during 2019. NDB’s Profit after Tax was Rs. 5.1 billion, a reduction of 8% over 2018, impacted mainly by the Debt Repayment Levy (DRL) which came into effect on 1 October 2018. The bank paid additional tax of Rs. 1,003 million via DRL. The Profit Attributable to Shareholders (PAS), including the performance of the group companies, was Rs. 4.8 billion, a reduction of 7% over the comparative period impacted by DRL and subdued performance of the capital markets cluster.
During 2019, NDB continued to be recognised with many awards for its excellence in a multitude of areas such as business performance, digital financial services, human relations, quality in financial reporting, sustainability aspects, etc. Some of its notable achievements were emerging the Sri Lankan winner at the World’s Best Consumer Digital Banks Awards 2019 conducted by Global Finance of the US, being named Best Bank in Sri Lanka 2019 by Asiamoney Magazine and the runner-up in the Best Bank category at the National Business Excellence Awards organised by the National Chamber of Commerce of Sri Lanka for 2019.
Last year saw sustained growth for NDB, while it also witnessed the bank demonstrating its proficiency in delivering results to all of its stakeholders amidst highly challenging circumstances. The bank’s rich history of 40 years, its committed and skilled human capital and the intrinsic strength of sound systems and procedures in place have positioned it for further enhanced services to the nation and value generated to all stakeholders, in 2020 and beyond. NDB Bank, which is the first and to date only corporation in Sri Lanka to officially receive Economic Dividend for Gender Equality (EDGE) certification, is a premier retail bank with over 113 branches across the island, serving millions of Sri Lankans through a host of financial services. From its inception, the NDB Group, which includes NDB Bank, NDB Capital, NDB Investment Banking, NDB Wealth and NDB Securities, has served as a catalyst for the country’s development, strengthening and empowering entrepreneurs, corporates and individuals across all levels of the economy. Customers across all group companies have benefited from the NDB Group’s product and service offerings.
Pix by Upul Abayasekara
