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SRI LANKA'S NDB NET PROFITS UP 18 PCT IN SEPT QUARTER.(Financial report)
COLOMBO, Dec 1 Asia Pulse - Sri Lanka's National Development Bank's net profits for the September 2008 quarter rose 18 per cent to 351 million rupees (US$3.3 million), interim accounts showed, while revenues climbed 20 per cent to 3,169 million rupees.
Interest expense rose sharply by 32 per cent to 1,810 million rupees and net interest income fell 1.4 per cent to 942 million rupees.
Fee income rose 30 per cent to 416 million rupees, with foreign exchange income rising to 127 million rupees from 105 million and unspecified other income rising to 236 million rupees from 165 million rupees.
Provisions for bad loans were steeply down 76 per cent to 44.6 million rupees from 187.3 million rupees.
"The global financial meltdown and the economic recession are impacting the Sri Lankan economy and the profitability of the banking industry," NDB said in statement.
"In this environment, NDB Bank has focused on consolidating and maintaining high quality assets.
"The bank has focused on stability and a strong balance sheet. The NDB group remains one of the best-capitalized financial groups poised for future expansion in an ...
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Source: HighBeam Research, SRI LANKA'S NDB NET PROFITS UP 18 PCT IN SEPT QUARTER.(Financial...