General Elections 2004 - RESULTS
Friday, 9 April 2004  
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NDB Bank after tax profit increases 92% to Rs. 175 m in 2003

NDB Bank, a subsidiary of the National Development Bank (NDB) has recorded a Rs 175 million profit after tax for the year 2003 registering 92% growth above the corresponding profit for the previous year.

Total capital gains from debt trading for the year recorded Rs 201 million while gaining exceptional capital gains from debt trading before the declining Treasury Bill repo rates. The recorded performance is attributed to the Bank leveraging its limited resources well. The Bank has also taken to write off the total goodwill in 2003 that arose on the acquisition of the business of ABN AMRO Bank's Colombo branch ahead of schedule enabling the Bank to declare a dividend to its shareholders. The Bank's non-performing loans (NPLs) stood at 5.4% of total loans and advances.

S. K. Wickremesinghe Eran Wickramaratne

Chairman of NDB Bank, S.K Wickremesinghe in his review on the annual performance said that the Bank's plan for a merger between the National Development Bank (NDB) and NDB Bank made progress with Cabinet sanction being obtained for the necessary amendments and was awaiting the final approval of the Bill from the Parliament.

The merger will enable us to proceed with the expansion of the banking operation particularly in the corporate sector. It will also ensure the co-ordination of the project finance activities of the National Development Bank and the commercial operations of the NDB Bank to complement each other more fully and synergistically.

Wickremesinghe outlined the positive macro economic environment experienced worldwide and stable financial market coupled with the increase in tourism and the cessation of hostilities which had a cascading effect on healthy improvements in income and profitability of the institution.

Director/Chief Executive Officer of NDB Eran Wickramaratne said that during the period ended the Bank concentrated on optimising its investments in infrastructure and improving its return from the branch network set up in 2002.

The net income grew by 47% to Rs 876 million while net profit doubled from Rs 90.9 million in 2002 to Rs 174.6 million in 2003. Wickramaratne said that during the year the institution adopted the positioning of "A world-class Sri Lankan" showcasing the commitment to the best international standards in banking policies, operation and service culture.

"The new IT platform that was implemented during the previous year was further refined and continues to support new electronic delivery channels including a new web-based version of the Bank's cash management product, e-Window and an internet banking service for personal banking customer to be launched this year", he said.

"The new streamlined model of branches that were set up as a pilot model by the bank in 2002 has proved to be viable and we have maintained the staff numbers to three to five per branch.

The consumer banking team was able to build on the momentum generated by the branch expansion to increase the bank's retail customer base. NDB Bank's premium "Privilege Banking" service grew our portfolio delivering the Bank's service quality", he said. NDB Bank, which resulted from the acquisition of the Colombo branch of ABN AMRO Bank in 2001, is promoted by the National Development Bank of Sri Lanka and is part of the NDB Group. (S.P.)

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