NDB reports stellar performance for September on new loans, lower provisions

Amid a deluge of earnings this week, National Development Bank PLC (NDB) reported a solid financial performance for the September quarter, driven by new loans, higher fee incomes and lower impairment provisions.

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The bank recorded a net interest income of Rs.9.07 billion for the three months, up 13.8 percent from the same period last year, while the fee incomes rose by an even higher 24.3 percent to Rs.2.77 billion.

This was predominantly supported by new lending, which grew by a substantial Rs.127.16 billion in the nine months through September, translating into a 24.9 percent increase. Of this, Rs.29.46 billion came in the final three months, reflecting some moderation in growth.

Despite the sharp rise in new loans, the bank provided only Rs.1.41 billion for possible bad loans, down markedly from Rs.2.65 billion in the same period last year, as it remained confident in the quality of both new and existing loans.