Sri Lanka’s NDB maintains resilience and records sound returns to all stakeholders
Daily FT: National Development Bank PLC (NDB), fourth largest listed bank and most awarded corporate, said yesterday it posted sound all-round performance for 2021 and sustained growth in several financial KPIs, notwithstanding the multiple challenges that marked the year.
Director/CEO Dimantha Seneviratne said that the retrospect of 2021 had many reasons to be grateful for. “We managed one of the largest equity infusions in the history of the bank netting Rs. 9.5 billion and onboarded the Norwegian Investment Fund for developing countries (Norfund) as our top shareholder with a 9.99% ownership.
Our strategy remained well on track with strong delivery across all areas and we extended support to our pandemic-hit customers via a host of modes.
“The sustainable growth trend we have maintained over the years continued, with the bank achieving triple Rs. 500 billion in total assets, gross loans and customer deposits. I am proud of the NDB Team, whose perseverance and relentlessness made another good year possible, whilst as a bank, we are deeply grateful for the unstinted loyalty and confidence of our investors and customers,” he said.
Core income sources of the bank enhanced during the year compared to 2020, attributable to the timely delivery of the bank’s strategy milestones. Net interest income enhanced by 22% to Rs. 21.6 billion, despite a marginal decline in interest income, which was off-set by a larger decline in interest expenses.
OSL take:
Many in Sri Lanka’s private sector have recorded a growth as well as profits despite facing pandemic challenges. It is a clear indication of the strength and growth of Sri Lanka’s private sector as well as the business conducive environment prevalent in the country. Many economic sectors in the country also showed a growth momentum amidst the pandemic. However, the growth and profits recorded by Sri Lanka’s NDB along with other banks is indicative of the strength and growth of Sri Lanka’s banking industry. A strong banking sector is a pre-requisite of a country building itself as an emerging regional business destination. The country’s geographical positioning in the Indian Ocean, the many trade agreements as well as concessions enjoyed by the country and the ongoing development programme have al added to Sri Lanka’s attraction as an emerging business hub. With a strong banking sector to support the country’s economic expansion, foreign businesses/investors could confidently explore the growing business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/01032022/Z_5 |