NDB 1Q 2025 pre-tax profits surge by 118%
View(s):National Development Bank PLC has reported a strong first quarter 2025 performance with Profit before tax at Rs.4 billion, up sharply by 118 per cent YoY (year-on-year).
Taxes on financial services and income tax were Rs.2.1 billion, resulting in a Profit after tax of Rs.1.9 billion, a YoY growth of 168 per cent, reflecting solid growth in line with the revival of economic activity and rising private sector credit demand, the bank said in a media release.
Commenting on the 1Q 2025 performance, Director/Chief Executive Officer Kelum Edirisinghe said, “We made a strong start to the year, following the highest-ever profit recorded in the bank’s history in 2024. Guided by our priorities, we have devised bold, actionable plans to unlock greater potential and accelerate our strategic growth agenda for 2025 and beyond. Our aim is to make an impactful contribution to the country’s economic growth, provide superior service to our clients, deliver sustainable returns, and enhance shareholder value.”
He said the bank is seeing renewed demand for credit as its customers regain financial momentum in an improving economic environment.
Total operating income of the bank, for the three months ended March 31, 2025 grew by 5 per cent over the same period in 2024 to Rs.10.6 billion.
Net interest income (NII), the majority contributor to total operating income was Rs. 8 billion, which declined marginally by 1 per cent YoY. The decline was predominantly attributable to the lower interest rates that prevailed during the period under review versus one year ago, which approximated 270 bps less on a monthly AWPR basis.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!