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Home Business & Finance Economic Policies

Sri Lanka Minister hints of record 3 million tourist arrival target for 2025 todayheadline

February 21, 2025
in Economic Policies
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ECONOMYNEXT – Net Profits at Sri Lanka’s National Development Bank grew more than 14 times to 4.88 billion rupees in the December 2024 quarter from 338.5 million rupees a year earlier, helped by a impairment reversal.

NDB Bank reported earnings of 11.74 rupees per share for the December 2024 quarter.

“The impact of the debt restructuring, comprising the Day 01 loss and hair-cut loss, was Rs. 14.3 Bn. The Bank posted a net impairment reversal of Rs. 10.0 Bn comprising an impairment charge on the loan book and aforementioned impairment reversal on the investment portfolio,” the bank said in its interim accounts.

“Loan portfolio quality improvement, another element of the strategy, made considerable advancements during the year.”

Net fee and commission income grew by 50 percent to 3.26 billion rupees from 2.17 billion during the quarter.

Interest income fell by 14.1 percent to 22.2 billion rupees for the quarter, interest expense fell at a higher pace of 32.8 percent 12.2 billion rupees from 18. 2 billion rupees and net interest income grew 30.9 percent to 9.88 billion rupees.

“The Bank’s core business activities saw robust performance, with notable increases in net interest income and fee and commission income,” the bank said.

“Net interest income (NII), which comprises 75% of the Bank’s total operating income, grew by 7% YoY to Rs. 34.2 Bn, a commendable performance in a low interest rate environment, and in a year in which loan book growth was moderate.”

“NDB’s prudent assets and liability management and timely pricing of the book resulted in Net Interest Margin (NIM) settling at a 4.34%.”

Net fee and commission income also increased by 9 percent year-on-year to Rs.7.8Bn.

“Though moderate, the gradual increase in loan volumes, trade financing operations and digital banking transactions together with concerted transactions drive under the strategy drove fee income up,” it said.

“Total other non-fund based income netted Rs. 3.5 Bn, with a resultant total operating income of Rs. 45.5 Bn.”

Pretax profits grew around 17 times to 15.57 billion rupees, up from 922.5 million rupees.

Tier I capital adequacy stood at 13.68 percent in December, above the required minimum of 8.5 percent.

Total capital adequacy was at 19.09 percent above the required level of 12.5 percent.

NDB’s total assets grew by a marginal 2 percent to 796 billion rupees at group level and Net assets at bank level also grew 2 percent to 803.8 billion rupees. (Colombo/February 20/2025).


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