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SL at "cusp of a great opportunity’’ says Hemaka
National Development Bank PLC (NDB) has posted its best ever results in the year ended December 31, 2011 with the group posting an attributable profit of Rs.2.7 billion, up 28.67% from a year earlier, and the bank posting a profit of Rs.2.01 billion, up 31.52% from the previous year’s results.
The bank’s Chairman, Mr. Hemaka Amarasuriya, has told shareholders in the annual report that Sri Lanka is "on the cusp of a wave of great opportunity" thanks to "a propitious confluence of events – the cessation of conflict and economic growth to match that of the region."
The time was right for the industry, bank and nation to seize the abundant opportunities at hand to grow and prosper in a truly sustainable manner.
"Our performance this year has amply demonstrated that we have the right strategy, the right cultures, the right products and the right human asset to deliver consistent and sustainable value for our shareholders," he said.
The year saw the bank’s income increase 15% to Rs.13.5 billion, profit before-tax to grow to Rs.3.4 billion and the net profit to go up 32% to Rs.2 billion. Similarly the group’s income increased 16% to Rs.14.7 million, PBT by 6% to Rs.4.6 billion land the attributable profit by 29% to Rs.2.7 billion.
Amarasuriya reported that expanding NDB’s reach through the addition of new branches was a high priority of the bank with 13 new branches opened last year increasing the network’s strength to 60 branches.
This program of widening NDB distribution network will continue into 2012 with three branches opened in the first quarter, he said.
"In tandem, we are also expanding our product portfolio continually, in the light of expected prosperity in the country as the economy grows steadily. The bank is focusing on developing the country’s SMEs – workshops, dairy farms, sweetmeats, handicrafts, pottery, weaving and the like. NDB grants soft loans without collateral to uplift this sector. We are of the view that the emerging national prosperity needs to be spread from the apex to the bottom of the ‘pyramid’ in order to be sustainable," he said
"Pawning and leasing are areas with tremendous growth potential. Pension schemes are fast becoming more attractive and popular propositions than an insurance policy. Islamic banking is receiving our serious consideration. We will take necessary measures to secure and grow our client base accordingly."
The bank’s CEO, Mr. Russell de Mel, reported that the year had seen the NDB group signing a landmark MOU with DBS Bank of Singapore to form a strategic alliance in investment banking.
"This partnership with the largest bank in Singapore will greatly benefit our investment banking cluster and open up lucrative avenues of new business, in the enabling environment within a rapidly growing economy," he said.
De Mel also asserted that NDB is determined to enter into similar alliances with other well known entities in their respective regions so that the bank would be strongly positioned to play a pivotal role in mobilizing financial resources and investments to Sri Lanka.
The gross loan portfolio of the bank had grown during the year by an unprecedented 43% to top Rs.100 billion and NDB had already balanced its asset book and changed its product mix in line with its strategic focus on more emphasis on retail and SME assets.
"Given our deep roots in SME banking, I strongly believe that SMEs do form the backbone of our economy. Yet many of them remain financially underserved with approximately 60% remaining ‘out of reach’ and ‘unserved’ by banks. Herein lie significant opportunities for banks to scale up their SME operations," de Mel said.
NDB has a stated capital of Rs.1.billion, a statutory reserve fund of Rs.878.7 million, an investment fund account of Rs.386.8 million and revenue reserves of Rs.10.38 billion in its books.
Total assets stood at Rs.137.84 billion and total liabilities at Rs.125.1 billion.
The Bank of Ceylon with 9.97% is the NDB’s biggest shareholder followed by the EPF with 8.77%, SLIC General Fund (5.72%) and Life Fund (4.75%). Dr. S. Yaddehige owns 5.16% of the bank while its Deputy Chairman, Mr. A.K. Pathirage owns 2.11%. Several banks (HNB,DFCC and NSB) are among its top shareholders as are several foreign funds.
The NDB share had a book value of Rs.104.70 at the end of 2011, up from Rs.93.06 the previous year with the share trading at a high of Rs.186 (adjusted for split) and a low of Rs.120. Out of 164.2 million shares in issue, 5.2 million (3.17%) have not been allotted.
The directors of the bank are: Messrs. Hemaka Amarasuriya (Chairman), Ashok Pathirage (Deputy Chairman), Russell de Mel (CEO), Trevine Jayasekara, Sarath Wikramanayake, Mrs. Kimarli Fernando, Anura Siriwardena, Ms. G.D. Chandra Ekanayake, Sujeewa Rajapakse, Manik Nagahawatte (up to 01.08.2011) and Richard Vokes (Resigned 12.05.2011).
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=49238
Annual Report:
http://www.cse.lk/cmt/upload_report_file/386_1331005009564.pdf
National Development Bank PLC (NDB) has posted its best ever results in the year ended December 31, 2011 with the group posting an attributable profit of Rs.2.7 billion, up 28.67% from a year earlier, and the bank posting a profit of Rs.2.01 billion, up 31.52% from the previous year’s results.
The bank’s Chairman, Mr. Hemaka Amarasuriya, has told shareholders in the annual report that Sri Lanka is "on the cusp of a wave of great opportunity" thanks to "a propitious confluence of events – the cessation of conflict and economic growth to match that of the region."
The time was right for the industry, bank and nation to seize the abundant opportunities at hand to grow and prosper in a truly sustainable manner.
"Our performance this year has amply demonstrated that we have the right strategy, the right cultures, the right products and the right human asset to deliver consistent and sustainable value for our shareholders," he said.
The year saw the bank’s income increase 15% to Rs.13.5 billion, profit before-tax to grow to Rs.3.4 billion and the net profit to go up 32% to Rs.2 billion. Similarly the group’s income increased 16% to Rs.14.7 million, PBT by 6% to Rs.4.6 billion land the attributable profit by 29% to Rs.2.7 billion.
Amarasuriya reported that expanding NDB’s reach through the addition of new branches was a high priority of the bank with 13 new branches opened last year increasing the network’s strength to 60 branches.
This program of widening NDB distribution network will continue into 2012 with three branches opened in the first quarter, he said.
"In tandem, we are also expanding our product portfolio continually, in the light of expected prosperity in the country as the economy grows steadily. The bank is focusing on developing the country’s SMEs – workshops, dairy farms, sweetmeats, handicrafts, pottery, weaving and the like. NDB grants soft loans without collateral to uplift this sector. We are of the view that the emerging national prosperity needs to be spread from the apex to the bottom of the ‘pyramid’ in order to be sustainable," he said
"Pawning and leasing are areas with tremendous growth potential. Pension schemes are fast becoming more attractive and popular propositions than an insurance policy. Islamic banking is receiving our serious consideration. We will take necessary measures to secure and grow our client base accordingly."
The bank’s CEO, Mr. Russell de Mel, reported that the year had seen the NDB group signing a landmark MOU with DBS Bank of Singapore to form a strategic alliance in investment banking.
"This partnership with the largest bank in Singapore will greatly benefit our investment banking cluster and open up lucrative avenues of new business, in the enabling environment within a rapidly growing economy," he said.
De Mel also asserted that NDB is determined to enter into similar alliances with other well known entities in their respective regions so that the bank would be strongly positioned to play a pivotal role in mobilizing financial resources and investments to Sri Lanka.
The gross loan portfolio of the bank had grown during the year by an unprecedented 43% to top Rs.100 billion and NDB had already balanced its asset book and changed its product mix in line with its strategic focus on more emphasis on retail and SME assets.
"Given our deep roots in SME banking, I strongly believe that SMEs do form the backbone of our economy. Yet many of them remain financially underserved with approximately 60% remaining ‘out of reach’ and ‘unserved’ by banks. Herein lie significant opportunities for banks to scale up their SME operations," de Mel said.
NDB has a stated capital of Rs.1.billion, a statutory reserve fund of Rs.878.7 million, an investment fund account of Rs.386.8 million and revenue reserves of Rs.10.38 billion in its books.
Total assets stood at Rs.137.84 billion and total liabilities at Rs.125.1 billion.
The Bank of Ceylon with 9.97% is the NDB’s biggest shareholder followed by the EPF with 8.77%, SLIC General Fund (5.72%) and Life Fund (4.75%). Dr. S. Yaddehige owns 5.16% of the bank while its Deputy Chairman, Mr. A.K. Pathirage owns 2.11%. Several banks (HNB,DFCC and NSB) are among its top shareholders as are several foreign funds.
The NDB share had a book value of Rs.104.70 at the end of 2011, up from Rs.93.06 the previous year with the share trading at a high of Rs.186 (adjusted for split) and a low of Rs.120. Out of 164.2 million shares in issue, 5.2 million (3.17%) have not been allotted.
The directors of the bank are: Messrs. Hemaka Amarasuriya (Chairman), Ashok Pathirage (Deputy Chairman), Russell de Mel (CEO), Trevine Jayasekara, Sarath Wikramanayake, Mrs. Kimarli Fernando, Anura Siriwardena, Ms. G.D. Chandra Ekanayake, Sujeewa Rajapakse, Manik Nagahawatte (up to 01.08.2011) and Richard Vokes (Resigned 12.05.2011).
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=49238
Annual Report:
http://www.cse.lk/cmt/upload_report_file/386_1331005009564.pdf
