NDB Posts Strong Profitability in the first half of 2024

National Development Bank continued to demonstrate strategic agility and resilience despite less-than-conducive operating conditions, as was reflected in its financial performance for the six months ended June 30, 2024. The Bank posted a pre-tax profit of 6.5 billion rupees for the period under review, an impressive growth of 58 percent, predominantly driven by healthy net interest income.

Kelum Edirisinghe, CEO, NDB, attributed such performance to alignment with the Bank's current midterm strategy, delivered by the passionate and dedicated NDB team. "Our strategy has been curated and pivoted around three core focus areas: optimizing the cost of funds, enhancing fee-based income through transaction banking, and enhancing portfolio quality. This strategy will enable us to drive profitability and improve shareholder values, helping the Bank reach its true potential. We are encouraged by the recent affirmation of the Bank's credit rating at A-(Ika) by Fitch Ratings Lanka Limited. As the operating environment stabilizes, he further commented that we remain well-disposed in supporting our clientele and the broader economy with our full suite of financial and advisory solutions."