NDB
NDB conducts Investor Earnings Call on its financial results for Q1 2020
National Development Bank PLC released its financial results for Q1 2020 ended 31 March 2020, to the Colombo Stock Exchange on 20th May, 2020, and the Director/Group Chief Executive Officer of NDB Bank, Mr. Dimantha Seneviratne hosted the Bank’s quarterly on-line Investor Earnings Call to discuss the Bank’s financial results for Q1 2020 ended 31 March 2020 from the Bank’s Head Office premises in Colombo.
This is a quarterly endeavor carried out subsequent to releasing quarterly financial statements to the Colombo Stock Exchange, where the Bank’s Investor Relations Team facilitated the on-line forum so that the local and overseas investors, research analysts, stock brokers, fund managers, etc. can connect with the GCEO for a presentation of the financial results and pose any questions and seek clarifications.
With the heightened responsive measure of an island wide lockdown that was imposed only towards the latter part of Q1, the impact of the COVID-19 pandemic was felt by the Sri Lankan economy since the beginning of the first quarter of 2020 due to cascading effects on global supply chains and local business operations. Furthermore, the blow from the pandemic came in less than 12 months since the Sri Lankan economy plummeted due to Easter Sunday attacks in April 2019. The combined effects of all this has caused tremendous impact on every sector in the economy with distinct impact on the banking sector as well. In such a backdrop the Bank increased its operating income to LKR 6.6 Bn by 11%. Post-tax profitability was LKR 1.7 Bn up by 27%, partly benefiting from tax removals introduced by the Government. The Bank’s Balance Sheet also expanded by 4% to LKR 553 Bn, which translated to a quantum increase of LKR 24 Bn.
Mr. Dimantha Seneviratne – Director/ Group Chief Executive Officer of NDB stated that the world is currently experiencing the most dramatic economic downturn in its history caused by the COVID-19 pandemic, with distinct challenges posed on the financial services sector such as stressed liquidity, capital adequacy, asset quality and profitability. He stated that it is a test for the sector to demonstrate their adaptability, resilience, responsiveness and readiness in such crises. The situation demanded the most prudent, strategic and skillful navigation by banking institutions which have a tremendous role to play in support of the national economy whilst safeguarding the interests of the key stakeholders including shareholders, customers and employees. Mr. Seneviratne went on to say that the NDB results for Q1 2020 is a reflection of the Bank’s delivery of far-sighted strategies. Though we witnessed normal volumes in Q1 up to mid-March, we continue to witness challenges in certain sectors, hence the need for provision build-ups and getting adjusted to the new normal from Q2 onwards. NDB remains to be governed by a competent Board of Directors and led by an equally competent management. With solid plans in place to strengthen the Bank’s capital base, NDB is geared for another successful year in 2019, where it will deliver enhanced results to its valued clientele and the country at large.
NDB Bank, which is the first and to date the only corporate in Sri Lanka to officially be certified with EDGE Certification (Economic Dividend for Gender Equality) is a premier retail Bank with over 113 branches across the island, serving millions of Sri Lankans through a host of financial services. From its inception, the NDB Group which includes NDB Bank, NDB Capital, NDB Investment Banking, NDB Wealth, and NDB Securities has been a catalyst in the development of the nation, strengthening and empowering entrepreneurs, corporates and individuals from all strata of the economy. Customers across all group companies have benefited from the product and service offerings of the NDB Group.
