NDB Capital Holdings reports significant growth

Thursday, 21 February 2013 00:00 - - {{hitsCtrl.values.hits}}

NDB Capital Holdings has reported significant growth in operating income for the year ended December 2012.

Acuity Stockbrokers said NDB Capital’s operating Income for the year ended December 2012, increased 2,171% (YoY) to Rs. 6.82 billion compared to Rs. 300.13 million recorded in the same period last year.

This was mainly due to a capital gain of six billion rupees to CDIC from a share sale and purchase agreement with American International Assurance Company (AIA) of Hong Kong to divest the 41.56% shareholding in AVIVA NDB and 5% of AVIVA NDB Insurance. Profit attributable to shareholders increased 1,656% to Rs. 6.56 billion from Rs. 373.44 million in the corresponding period last year amid a capital gain of six billion rupees and a YoY decline in operating cost by 218%.Operating Income in Q4 2012/13 increased 3,451% (YoY) to Rs. 6.64 billion from Rs. 186.98 million in Q3 2011/12.

With the help of the capital gain, profit attributable to shareholders increased from 301.27 million to 6.44 billion for the Q4 2012/13, representing a 2,037% YoY growth.