National Development Bank records solid financial results

National Development Bank records solid financial results

21 February 2021 04:17 pm

National Development Bank PLC posted solid financial results for the financial year ended 31 December 2020, demonstrating its strength, sustainability in generating operational revenue and resilience in withstanding unprecedented challenges. 

As per results released the after tax profit for 2020 was up 8% to Rs. 5.5 billion. NDB also announced a first interim dividend of Rs. 1.50 per share for FY2020

The Bank and the Group’s performance as reflected in the financial statements was released to the Colombo Stock Exchange yesterday duly audited by the Bank’s external auditors M/s Ernst & Young.

Director/Group Chief Executive Officer Dimantha Seneviratne reflecting on the year stated that 2020 was one which put to test, the capabilities and capacities of each one of us to adapt to unforeseen challenges. 

NDB stood up to these challenges boldly and gracefully, demonstrating NDB’s dynamism, versatility and proficiency in serving the nation through many economic cycles. “In many instances, as a bank, we took the lead in facing the new challenges, especially in the digital front,” he said. 

As such, NDB maintained the equilibrium in its performance, serving all its stakeholders without a compromise. 

The prime awards the Bank won during the year, such as the Bank of the Year by the Banker Magazine UK, Best Consumer Digital Bank by Global Finance USA and being ranked among top 10 most admired corporates in the country attest to NDB’s excellence, he further stated. 

Gross income growth moderated to 3% in 2020 compared to 2019 (YoY) to Rs. 60.7 billion, reflecting reduced business volumes in the year, impact of interest rates concessions and interest deferments stemming from moratoria granted – phenomena experienced across the industry due to the effects of the pandemic.