NDB Bank’s Group post-tax profit for the third quarter ended 30 September 2010 grew significantly by 83% over the second quarter of 2010.
“In fact, the Group’s growth in Profit After Tax for the third quarter of 83% compares also favourably with the growth in Profit After Tax for the second quarter, which was 44%,” it said in a statement.
The bank’s gross lending portfolio grew significantly by 16% from Rs 56.1 billion as at the beginning of the financial year to Rs 65.1 billion as at September 30, 2010, with all business segments of the institution growing satisfactorily with project finance, SME, retail and trade finance accounting for a major share.
Customer deposits grew 18% over the last 12 months from Rs 44.3 billion as at 30 September 2009 to Rs 52.1 billion.
On non performing loans (NPL), NDB said its NPL, ratio remains one of the healthiest in the local banking industry and compares very favourably with the industry NPL ratio of 6.7% as at 30 September 2010.
In a bid to empower youth and stimulate further economic regeneration in post-conflict Sri Lanka, NDB Bank introduced the NDB Jeevana Livelihood Training/Loan Scheme. This pioneering scheme, an industry first, is targeted at youth aged 18 – 35 in both the North and East of the island.
NDB also announced a comprehensive communication campaign in the month of September, with a view to enlightening those who consider saving, but feel that it is impossible given their day to day expenses. “Extending the thought process beyond traditional monetary savings, the NDB Bank’s ‘ithiri karamu, api hademu, rata hadamu’ Savings Drive aims to highlight the potential benefits of cutting down unnecessary waste that takes place in ones day to day lives. Savings made in these aspects will translate to a financial saving in the long term, helping to build a brighter future for individuals as well as the nation,” the statement said.