Assets cross Rs. 300 b mark, profits down at NDB in 2015

Monday, 15 February 2016 00:00 - - {{hitsCtrl.values.hits}}

NDB Bank has ended 2015 with assets crossing the Rs. 300 billion mark with double digit growth though profit was down over the previous year despite an improved fourth quarter performance.

Total assets at a Group level closed at Rs. 315 billion up 17% whilst at Bank level it grew by 18% to Rs. 309 billion. NDB in a statement said the assets base was a convincing indicator of the gradual systematic importance that the Bank is attaining in the Sri Lankan banking industry.

Gross income in 2015 rose by 3% to Rs. 27 billion and net interest income dipped by 1% to Rs. 7.8 billion.

Net fee and commission income grew by 23% to Rs. 3.15 billion and operating income improved by 3% to Rs. 13.3 billion. Group impairment charges for loans and other losses were Rs. 746 million in 2015, up 41%. NDB said the increase in the individual impairment charge was primarily due to the Bank’s prudent adoption in fair valuing the impaired loans based on sound judgment and objective evidence of future recoveries.

Total operating expenses rose by 16% to Rs. 6.8 billion leading to operating profit before tax on financial services to Rs. 5.7 billion, down by 12% over 2014. Profit before tax was Rs. 4.8 billion, down 13% and after tax profit dipped 14% to Rs. 3.6 billion. Net profit attributable to equity holders was down by 14% to Rs. 3.54 billion.

In the fourth quarter, NDB total operating income rose by 11.5% to Rs. 3.67 billion. Profit before tax improved by 24% to Rs. 1.45 billion and after tax profit grew to Rs. 1.34 billion from Rs. 937 million in the 4Q of 2014. See the full statement from NDB on Page XXX