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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » NDB PAT up 115%

NDB PAT up 115%

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1NDB PAT up 115% Empty NDB PAT up 115% Tue May 15, 2012 4:04 am

sriranga

sriranga
Co-Admin
NDB reported strong financial results for the first quarter ended March 31, 2012 and has made significant progress during the period. The Banking Revenue for the quarter was Rs 2,064 million, an increase of Rs 611 million, or 42 percent, over the same period in 2011. The Profit After Tax during the quarter increased by Rs 506 million, or 115 percent compared to the same period in the prior year.

The reported earnings included one off equity income of Rs 271 million on the sale of its investment in a 100 percent owned subsidiary, NDB Investment Bank Ltd (NDBIB) and of the 5 percent direct holding in AVIVA NDB Insurance PLC, to its subsidiary Capital Development and Investment Company PLC (CDIC) in March 2012. NDB continues to position itself as the only Financial Services Group in the country, with subsidiaries and associates in Investment Banking (locally and regionally), Stock Broking, and Wealth Management, which make up the Capital Markets cluster, and Insurance. This divestment to the Bank’s 99.6 percent owned subsidiary CDIC was carried out as part of the overall Group’s corporate restructuring exercise, with which, CDIC now positions itself as the diversified financial services investment arm of NDB Group. Accordingly, these investments will complement CDIC’s existing strategic investments in AVIVA NDB Insurance PLC and NDB AVIVA Wealth Management Ltd.

Hemaka Amarasuriya, Chairman of NDB commented, "We are excited about our first quarter results. We were able to continue the strong momentum built in 2011, and will seek further growth opportunities for the Bank throughout 2012. Our discipline in the execution of our strategies has produced excellent first quarter results. Our focused management on all of our banking operations is expected to deliver solid growth into the future and enhance shareholder value."

The Bank’s Profit After Tax growth after excluding this one-off income shows an increase of 52 percent compared to the 1st quarter of 2011. The Basic earnings per share were Rs 17.96, an increase of 68 percent over the 1st quarter of 2011.

The NDB Group’s Profit Attributable to Shareholders for the quarter increased by 19 percent over the prior period. The growth in NDB group’s PAS was lower than the Bank’s Profit After Tax as the one-off equity income of Rs 271 million is eliminated in consolidating the NDB results. The Bank’s Return on Average Assets and Equity for the first quarter of 2012 were 2.1 percent and 22.8 percent respectively, compared to 1.6 percent and 15.0 percent, respectively, over the 1st quarter of 2011.

The Bank’s loans and advances increased to Rs 105.2 billion as at March 31, 2012, an increase of Rs 27.4 billion, or 35 percent, compared to March 31, 2011. The NPLs to gross lending portfolio was 1.36 percent as at March 31, 2012 end compared to 1.82 percent as at March 31, 2011. The NPL ratio of the Bank continues to remain healthy and is well below the industry average. The Bank has been able to achieve this low level of delinquency due its proactive risk management practices. The Bank’s robust balance sheet and liquidity means that the Bank is able to continue its lending and maintain a strong capital adequacy. Additionally, total deposits increased to Rs 88.4 billion as at March 31, 2012, a 46 percent increase from the deposit level as at March 31, 2011. The growth in assets and deposits was the result of continuing organic growth through the Bank’s existing branch network. The Bank also expanded its network to 62 branches with additional branches in Hambantota and Kaduwela.

NDB continued its active engagement in SME banking with agriculture, handicrafts, manufacturing, trading & distribution, fisheries, and dairy sectors to develop the entrepreneurs in the country. During the first quarter, NDB also conducted SME capacity-building workshops in Moratuwa, Pilimathalawa, Ambalanthota and Kurunegala in an effort to enrich their knowledge base.

As part of the NDB Group, the NDB Investment Bank had a positive start to the financial year, showing dominance in the country’s investment banking arena by successfully managing the only two IPOs to debut on the CSE in the first quarter of 2012. The Access Engineering IPO raised Rs. 500 million, while the Mackwoods Energy IPO raised Rs. 350 million; both were oversubscribed on the opening day. The Investment Bank also structured several securitization deals for Finance Companies in the first quarter of 2012 and collectively raised over Rs 1.1 billion, asserting ourselves as the leading investment bank in the country.

Commenting on the Group’s future plans, Russell de Mel, CEO NDB Bank stated "the challenge for NDB Group on its way forward will be to maintain the growth momentum in terms of assets, liabilities and distribution whilst containing costs. NDB Group will leverage on technology and Innovation heavily as it enters the first half of 2012. Hence, I request you to watch this space as we continue to enhance our customer experience".
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=51902

http://sharemarket-srilanka.blogspot.co.uk/

2NDB PAT up 115% Empty Re: NDB PAT up 115% Tue May 15, 2012 6:44 am

K.Haputantri

K.Haputantri
Co-Admin
Thanks Shri. Good performance.

3NDB PAT up 115% Empty Re: NDB PAT up 115% Tue May 15, 2012 2:26 pm

econ

econ
Global Moderator
its just one off equity sale... other than performance is not impressive..

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