NDB Group posts Rs. 11 Bn in PTP

The NDB Group comprising the NDB Bank as the parent and its subsidiary companies posted a pre-tax profit of LKR 10.9 Bn whilst at Bank levelpre-tax profit was LKR 10.1 Bn. Profitability mirrored solid core banking performance which led to healthy improvement across key income categories. Gross income saw a 20% increase over the financial year 2022 (YoY growth) to LKR 132.3 Bn.

NDB’s newly appointed Director/ CEO Kelum Edirisinghe attributed such performance to the commitment, hard work and perseverance of the team and the innate acumen the Bank has gathered over four decades of its service to the nation through many socio-economic cycles.”

“Our immediate priorities will be on improving asset quality, enhancing NIMs, driving transaction banking and pursuing growth centered around products offering higher risk adjusted returns.’

Interest income enhanced by 22% to LKR 119.4 Bn with interest expenses rising by 30% to LKR 87.4 Bn, leading to a net interest income of LKR 31.9 Bn, a YoY growth of 4%. The resultant net interest margin of the Bank was 3.96%. Market wide interest rates came down from their historic highs following policy rates cuts netting 650 bps by the CBSL, whilst average prime lending rate dipped by approximately16 percentage points during the year. Net fee and commission income increased by 14% to LKR 7.2 Bn.

The total of net gains from trading, net gains from financial assets at fair value through profit or loss and net gains from derecognition of financial assets amounted to LKR 8.7 Bn, a notable improvement over 2022 due to variation in the exchange rate and interest rates compared to the prior year.

Impairment charges for the financial year netted LKR21.1 Bn, a YoY reduction of 28%, primarily due to higher impairment provisions made for FCY Investments in the same period of 2022.

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