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| Thursday, 25 November 2004 |
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NDB and NDB Bank profits up in Q3 2004 The profit before tax of NDB increased by 11% for the nine-month period ended September 30, 2004 to Rs 920 million in comparison with the corresponding period for 2003, and profit after tax was flat at Rs 720 million. NDB Bank's profit after tax at the end of the third quarter was Rs 121 million compared to Rs 96 million for the corresponding period of 2003. Group profit before tax of Rs 1,054 million was on par with the previous period and after tax of Rs 747 million was down on the previous period by 17%. Group profits were impacted by an increased tax charge, write off of goodwill on acquisitions of Rs 55 million and timing differences in accounting for the profits of Eagle Insurance Company Ltd. The consolidated results include profits of NDB Bank Ltd for the period of five months that elapsed since the acquisition of 92.52% of its issued shares by NDB. The results of Eagle Insurance, NDB Housing Bank, NDB Investment Bank and NDB Stock Brokers Ltd, representing the spectrum of Group businesses have also been consolidated. The Group has now positioned itself as an integrated financial services company, building on its well established project and SME lending strengths to provide a full range of financial services to its expanding customer base. The proposed merger between NDB and NDB Bank will result in new opportunities for expansion and synergies within the Group. The consolidated loan portfolio amounted to Rs 35 billion on September 30, 2004, compared with Rs 25 billion on September 30, 2003. Total assets at these dates were Rs 51 billion and Rs 38 billion respectively. |
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