Kelum Edirisinghe, Director/ CEO, NDB, commented that the Bank continued to face challenges to relatively low credit demand due to subdued economic activity. Strong alignment to our strategic blueprint built on three core focus areas, namely optimizing the cost of funds, enhancing fee-based income through transaction banking, and enhancing portfolio quality, enabled us to withstand the challenges and deliver consistent value to our shareholders. He reiterated that we remain committed to driving bottom-line growth and improving shareholder value through customer centric, innovative, and sustainable banking practices.
NDB recorded a pre-tax profitability of 1.8 billion rupees for the three months ended March 31, 2024 (period under review), an impressive increase of 31 percent over the same period in 2023 (YoY). Total operating income for the period was 10.1 billion rupees, a YoY increase of eight percent, driven by net interest income of 8.1 billion rupees, net fee and commission income of 1.8 billion rupees in tandem with declining anchor interest rates as a part of the relaxing monetary policy of Central Bank of Sri Lanka led to a YoY reduction in net interest income.
This story is from the June 2024 edition of Business Today Sri Lanka.
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This story is from the June 2024 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
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