NDB reported strong financial results for the first quarter ended March 31, 2012 with revenue up by 42 % to Rs 2 billion.
"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 % direct holding in AVIVA NDB Insurance PLC, to its subsidiary Capital Development and Investment Company PLC (CDIC) in March 2012," it said.
Hemaka Amarasuriya, Chairman of NDB commented, "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."
Post-tax profit growth after excluding this one-off income shows an increase of 52 % compared to 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 35 % compared to March 31, 2011.