The financial year 2012 proved to be a year of record performance for NDB as it reported a 37 per cent and 45 per cent increase in profit before tax (PBT) and profit after tax (PAT) respectively, with its asset base recording an increase of 17 percent over December 31, 2011.
“These growth levels resulted in a PBT of Rs. 4.6 billion and PAT of Rs. 3 billion,” the bank said in a statement, adding that the share of profits available for shareholders at a group level increased by 227 per cent to Rs 8.8 billion due to the capital gains of Rs 6 billion generated as a result of the divestment of the investment in AVIVA NDB Insurance PLC to American International Assurance (AIA) Company Limited of Hong Kong during the fourth quarter of 2012.
The Net Interest Income of the bank increased by 26 per cent over the last year with other income from fees, commission and forex income increasing by 22 per cent to Rs. 2.3 billion. On the operating expenses side, gross administrative expenses increased with a controlled growth of 16 per cent over last year. Provisions for loan losses for the period were reported at Rs. 94 million for the year compared to the reversal of Rs 326 million in 2011, due to provision recoveries/releases of Rs 426 million in 2011.
“The asset base of the bank grew to Rs. 162 billion as at December 31, 2012 from Rs. 138 billion as at year end 2011 indicating continued acceleration of development financing activities by the bank.
Advances (gross) of the bank were at Rs. 119.2 billion with an increase of 18 is expected to provide more clarity to the debt capital market participants over 2011, mainly on account of growth in the SMEs, agriculture and the service sectors. The deposit base of the Bank increased by 31 per cent, with a 10 per cent and 60 per cent increase reported in current and saving deposits respectively, improving the CASA percentage substantially,” the statement said.
source - www.sundaytimes.lk
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