NDB Capital Holdings continues to grow while supporting capital markets
View(s):NDB Capital Holdings PLC (NCAP) continued its growth momentum in the first nine months of 2014 helped by efficient investment management strategies amidst a buoyant stock market and declining interest rates.
The company said in a media announcement that it recorded a profit of Rs. 261 million for 2014-Q3, up from Rs. 125 million a year ago (108 per cent rise YOY).
The consolidated quarterly profit for the group was equally impressive with a growth of 84 per cent from Rs. 158 Million in 2013Q3 to Rs. 292 million in 2014Q3.
“The first 9 months’ performance of the group also recorded a similar growth trend as the revenue increased by 25 per cent from Rs. 879 million (adjusted) to Rs. 1,102 million, whereas a 40 per cent growth was recorded in profits to Rs. 746 million in 2014 compared to the adjusted profit of Rs. 532 million in 2013. The reason for the adjustment is due to NCAP Group recording an extraordinary profit during the 2013Q1 owing to income from investing approximately Rs. 6.7 billion in cash it received via the divestment of both direct and indirect stakes held in Aviva NDB Insurance PLC.
However, this cash was returned to the shareholders towards the end of 2013Q1 and was not available for the company for investments beyond that period,” the statement said.
The company said the outstanding performance in the first 9 months of 2014 was mainly fueled by efficient asset allocation and successful investment strategies.
Company chairman Ashok Pathirage while commending the impressive performance of the NCAP Group, said that “our Group has been able to support the capital market development of Sri Lanka by being a platinum sponsor for the CSE organized, Invest Sri Lanka – Investor Forum, held in October this year.
Such events play a critical role in attracting foreign investments to the development of the market as well as the overall economy. NCAP Group will continue to contribute positively towards the development of the country’s capital markets”.