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NDB Bank's 2004 first Quarter results released yesterday show that the Bank is consolidating its position and increasing its market share, with a significant growth in its balance sheet during the period.

NDB Bank continues to invest in the future, steadily expanding its branch network and introducing new products and additional channels of access for customers.

During 2004, the Bank opened a new branch in Wellawatte, and will soon add to its network, with branches in Negombo and Kurunegala, maintaining its streamlined model for branches.

The Bank's deposit base has increased by 14% during the quarter, to Rs. 8.6 billion. The increase in deposits mobilised by the Bank has significantly reduced its reliance on market borrowings.

NDB Bank also launched a new Internet Banking product for personal banking, 'NDB Bank Online', which has already proved to be a popular choice with the Bank's customers.

NDB Bank was also able to take advantage of an easing of the capital constraints it faced in 2003. During the latter part of last year, NDB Bank was granted permission by the Monetary Board to take into account the capital of the National Development Bank (NDB) in the computation of its capital adequacy ratios and single borrower limit, as an interim measure, pending the merger of the two banks.

This eased the restrictions on the expansion of NDB Bank's loan portfolio, and consequently, the Bank was able to increase its Net loans and advances by 22% to Rs.8.9 billion, during then first quarter.

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