National Development Bank PLC
CSE stock code: NDB.N0000 | Bloomberg: NDB SL | Reuter's: NDB.CM
Released to Colombo Stock Exchange on: 14 May 2025Performance commentary 2
Financial statements published as per Rule 7.4 of the Listing Rules of the Colombo Stock Exchange 4
Important dates - Q1 2025 financial results release 20
Corporate information 20
*The financial statements presented herewith are the unaudited financial statements for the three months ended 31 March 2025 and are prepared in accordance with the Sri Lanka Financial Reporting Standards.
Post-tax profitability of Rs. 1.9 Bn up by 168%
ROE of 10.03%
Total assets growth of 7% to Rs. 852.4 Bn
Healthy growth in loan book of 5% to Rs. 535.2 Bn stemming from all business sectors
CASA ratio improvement by 91 bps to 25.82%
National Development Bank PLC (NDB/the Bank) recently released its financial results for the three months ended 31 March 2025 (1Q 2025) to the Colombo Stock Exchange, reflecting solid growth in line with the revival of economic activity and rising private sector credit demand.
Commenting on the 1Q 2025 performance, Director/Chief Executive Officer Mr. Kelum Edirisinghe stated, "We made a strong start to the year, following the highest-ever profit recorded in the Bank's history in 2024. Guided by our priorities, we have devised bold, actionable plans to unlock greater potential and accelerate our strategic growth agenda for 2025 and beyond. Our aim is to make an impactful contribution to the country's economic growth, provide superior service to our clients, deliver sustainable returns, and enhance shareholder value.
We are seeing renewed demand for credit as our customers regain financial momentum in an improving economic environment. NDB is well-positioned to serve our clientele with simpler, smarter, and more agile banking solutions, blending expert product advisory, digital convenience, and exceptional customer care to deliver a truly rewarding banking experience", he further noted.
Income and Profitability AnalysisTotal operating income of the Bank, for the three months ended 31 March 2025 (period under review) grew by 5% over the same period in 2024 (year-on-year/ YoY) to Rs. 10.6 Bn. Net interest income (NII), the majority contributor to total operating income was Rs. 8.0 Bn, which declined marginally by 1% YoY. The decline was predominantly attributable to the lower interest rates that prevailed during the period under review versus one year ago, which approximated 270 bps less on a monthly AWPR basis. Timely repricing of the deposit book, strategic focus on optimizing the asset mix to improve yields and enhancing funding efficiency enabled NII preservation, thereby reducing pressure on Net interest margin (NIM). The resultant NIM for 1Q 2025 was 3.92%. Net fee and commission income for the period was Rs. 1.8 Bn, again a marginal decline of 2% YoY. Whilst fee income from credit and debit cards slowed, income from alternative channels including electronic transactions and operational services showed positive YoY growth. All other income categories netted Rs.
842.4 Mn, a considerable growth over the comparative quarter which bolstered total operating income.
In terms of impairment, the Bank recorded a total impairment charge of Rs. 2.6 Bn, a significant reduction of 40% over the corresponding period of the last year. Additionally, the Bank recorded a reversal of Rs. 457.5 Mn related to the unwinding of the Day One Loss of debt restructuring in 1Q 2025. The impairment charge on loans and advances for 1Q 2025 saw a 22% reduction YoY. It is also encouraging to note that the staging of credit facilities has improved compared to the comparative quarter of the prior year, demonstrating the results of focused asset quality enhancement initiatives deployed by the Bank. Impaired loans (Stage 3) to Total loans ratio closed in at 5.53% (2024: 5.18%) whilst Impairment (Stage 3) to Stage 3 loans ratio was 53.26% (2024:
54.48%).
The Bank incurred total operating expenses netting Rs. 4.4 Bn for 1Q 2025 reflecting a 13% YoY increase. This increase was primarily attributed to increase in premises and establishment expenses and other operating expenses. Strong cost discipline and effective cost management have kept costs within expected levels.
The resultant Profit before tax was Rs. 4.0 Bn, an increase of 118% YoY. Taxes on financial services and income tax netted Rs. 2.1 Bn, resulting in a Profit after tax of Rs. 1.9 Bn, a YoY growth of 168%.
Balance Sheet Performance, Capital Adequacy and LiquidityBalance sheet posted robust growth during 1Q 2025, growing by 7% from the end 2024 position (year-to-date/YTD) to Rs. 852.4 Bn. This is the highest balance sheet growth the Bank posted since consecutive quarters of growth curtailed at 2% or below, signaling robust growth for the period ahead. Gross loans grew by 5% or Rs.
25.4 Bn YTD, to Rs. 535.2 Bn reflecting broad-based momentum across all business segments. The local currency loan book grew by Rs. 16.9 Bn within this growth.
Total deposits grew by 2% or Rs. 10.6 Bn YTD to Rs. 642.3 Bn, mainly driven by volume growth of the local currency deposit book by Rs. 9.1 Bn during the three months under review. The Bank's CASA ratio also improved by 91 bps to 25.82% at the end of first quarter of 2025 from 24.91% at the end 2024. The CASA base increased by Rs. 8.5 Bn, a 5% growth during 1Q 2025. The improving trend in the CASA ratio is a result of dedicated strategic initiatives deployed in this regard. The total equity base of the Bank was Rs. 76.8 Bn.
Denoting sound capital adequacy, Tier I and Total capital adequacy of the Bank stood at 12.16% and 16.95%, 366 bps and 445 bps above the minimum requirement respectively. Regulatory Liquidity coverage ratio (Rupee), Liquidity coverage ratio (All Currency) and Net stable funding ratio stood well above the regulatory minimum requirement of 100% at 392.64%, 341.38% and 133.22% respectively.
Investor KPIsReturn on average equity was 10.03% (2024:12.22%) whilst Earnings per share was Rs. 18.18 (2024: Rs. 21.73). Respective ratios at the Group level were 10.19% (2024: 12.46%) and Rs. 19.70 (2024: Rs.23.57). Bank pre-tax return on average assets was 1.92% (2024: 3.09%). Net asset value per share was Rs. 180.29 (2024: Rs. 186.91) and compared with a closing share price of Rs. 107.00. Group net asset value per share was Rs. 192.53 (2024: Rs. 199.13).
OutlookAs the Sri Lankan economy charts a path toward recovery, NDB remains deeply aligned with the nation's growth ambitions, committed to unlocking prosperity for all Sri Lankans. With a legacy in development financing and a track record of standing by our citizens through every economic cycle, we are well-positioned to drive a future of smart growth. Through our robust product portfolio and strong integration of ESG principles, we aim to create sustainable value, fostering a thriving, resilient economy while delivering lasting benefits to our customers, shareholders, and communities.
STATEMENT OF PROFIT OR LOSS | ||||||
Bank | Group | |||||
Quarter | Quarter | Quarter | Quarter | |||
ended | ended | ended | ended | |||
31/03/2025 | 31/03/2024 | Change | 31/03/2025 | 31/03/2024 | Change | |
LKR '000 | LKR '000 | % | LKR '000 | LKR '000 | % | |
Gross income | 22,981,176 | 26,074,357 | (12) | 23,575,449 | 26,656,755 | (12) |
Interest income | 20,359,139 | 24,065,621 | (15) | 20,423,546 | 24,121,581 | (15) |
Interest expenses | 12,384,166 | 15,989,592 | (23) | 12,381,381 | 15,973,540 | (22) |
Net interest income | 7,974,973 | 8,076,029 | (1) | 8,042,165 | 8,148,041 | (1) |
Fee and commission income | 1,779,674 | 1,800,322 | (1) | 2,311,068 | 2,255,172 | 2 |
Less: Fee and commission expenses | 23,762 | 3,357 | 608 | 23,762 | 3,357 | 608 |
Net Fee and commission income | 1,755,912 | 1,796,965 | (2) | 2,287,306 | 2,251,815 | 2 |
Net gain/(loss) from trading | 326,467 | 316,921 | 3 | 326,467 | 316,921 | 3 |
Net gain/(loss) from financial assets at fair value through profit or loss | (22,724) | (39,440) | 42 | (39,560) | 19,517 | (303) |
Net gains/(losses) from de-recognition of financial assets | ||||||
- at fair value through profit or loss | 45,186 | 419,365 | (89) | 57,152 | 419,365 | (86) |
- at fair value through OCI | 186,986 | 710,403 | (74) | 187,064 | 710,403 | (74) |
Other operating income | 306,448 | (1,198,835) | 126 | 309,712 | (1,186,204) | 126 |
Total operating income | 10,573,248 | 10,081,408 | 5 | 11,170,306 | 10,679,858 | 5 |
Unwinding impact of the debt restructuring | (457,483) | - | (100) | (457,483) | - | 100 |
Less :Impairment charges/(reversals) on loans and other investments | 2,632,345 | 4,356,479 | (40) | 2,632,345 | 4,356,479 | (40) |
Net operating income | 8,398,386 | 5,724,929 | 47 | 8,995,444 | 6,323,379 | 42 |
Operating expenses | ||||||
Personnel expenses | 2,310,683 | 2,077,836 | 11 | 2,512,471 | 2,263,120 | 11 |
Depreciation and amortization | 271,923 | 258,290 | 5 | 289,606 | 274,871 | 5 |
Other expenses | 1,831,598 | 1,559,686 | 17 | 1,968,645 | 1,736,110 | 13 |
Total operating expenses | 4,414,204 | 3,895,812 | 13 | 4,770,722 | 4,274,101 | 12 |
Operating profit before tax on financial services | 3,984,182 | 1,829,117 | 118 | 4,224,722 | 2,049,278 | 106 |
Less: Taxes on financial services | 1,063,699 | 645,518 | 65 | 1,063,699 | 645,518 | 65 |
Operating profit after tax on financial services | 2,920,483 | 1,183,599 | 147 | 3,161,023 | 1,403,760 | 125 |
Share of associate companies' profits/(losses) | - | - | - | - | - | - |
Profit before taxation | 2,920,483 | 1,183,599 | 147 | 3,161,023 | 1,403,760 | 125 |
Less : Income tax expenses | 995,325 | 463,997 | 115 | 1,105,349 | 560,774 | 97 |
Profit for the quarter | 1,925,158 | 719,602 | 168 | 2,055,674 | 842,986 | 144 |
Profit attributable to: | ||||||
Equity holders of the parent | 1,925,158 | 719,602 | 168 | 2,040,559 | 837,651 | 144 |
Non controlling interests | - | - | - | 15,115 | 5,335 | 183 |
1,925,158 | 719,602 | 168 | 2,055,674 | 842,986 | 144 | |
Basic earnings per share (in LKR) | 4.52 | 1.69 | 167 | 4.79 | 1.97 | 143 |
Diluted earnings per share (in LKR) | 4.51 | 1.69 | 166 | 4.78 | 1.97 | 143 |
STATEMENT OF COMPREHENSIVE INCOME | ||||||
Quarter | Quarter | Quarter | Quarter | |||
ended | ended | ended | ended | |||
31/03/2025 | 31/03/2024 | Change | 31/03/2025 | 31/03/2024 | Change | |
LKR '000 | LKR '000 | % | LKR '000 | LKR '000 | % | |
Profit for the quarter | 1,925,158 | 719,602 | 168 | 2,055,674 | 842,986 | 144 |
Items that will be reclassified to statement of profit or loss | ||||||
Exchange differences on translation of foreign operations | - | - | - | 119 | (24,041) | 100 |
Net Gains/(losses) on Investments in debt Instruments measured at fair value through other comprehensive income | (552,809) | 711,413 | (178) | (534,961) | 750,508 | (171) |
Changes in Impairment allowance for expected credit losses | 168,593 | - | 100 | 168,593 | - | 100 |
Cash flow hedge reserve-SWAP | (344,350) | (407,777) | 16 | (344,350) | (407,777) | 16 |
Less :Tax expense relating to items that will be reclassified to income | 269,148 | (91,091) | 395 | 270,702 | (91,091) | 397 |
statements | ||||||
A | (459,418) | 212,545 | (316) | (439,897) | 227,599 | (293) |
Items that will not be reclassified to statement of profit or loss | ||||||
Net Gains/(losses) on investments in equity instruments measured at fair value through other comprehensive income | (143,810) | 80,253 | (279) | (143,810) | 80,253 | (279) |
B | (143,810) | 80,253 | (279) | (143,810) | 80,253 | (279) |
Total other comprehensive Income after Tax A + B | (603,228) | 292,798 | (306) | (583,707) | 307,852 | (290) |
Total comprehensive income for the quarter | 1,321,930 | 1,012,400 | 31 | 1,471,967 | 1,150,839 | 28 |
attributable to: | ||||||
Equity holders of the parent | 1,321,930 | 1,012,400 | 31 | 1,456,997 | 1,149,812 | 27 |
Non controlling interests | - | - | - | 14,970 | 1,027 | 1,358 |
1,321,930 | 1,012,400 | 31 | 1,471,967 | 1,150,839 | 28 | |
5
Classification: Publi
Classifi
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||||
BANK | Group | |||||
Current Year | Previous Year | Current Year | Previous Year | |||
As at 31/03/2025 LKR '000 | As at 31/12/2024 (Audited) LKR '000 | Change % | As at 31/03/2025 LKR '000 | As at 31/12/2024 (Audited) LKR '000 | Change % | |
Assets | ||||||
Cash and cash equivalents | 15,974,012 | 18,037,627 | (11) | 16,642,369 | 18,682,376 | (11) |
Balances with the Central Bank of Sri Lanka | 6,756,714 | 8,053,358 | (16) | 6,756,714 | 8,053,358 | (16) |
Placements with banks | 38,830,842 | 22,098,832 | 76 | 38,830,842 | 22,098,832 | 76 |
Derivative financial instruments | 872,312 | 1,146,236 | (24) | 872,312 | 1,146,236 | (24) |
Financial assets recognized through profit or loss measured at fair value | 8,988,204 | 6,776,131 | 33 | 12,061,519 | 9,905,171 | 22 |
Financial assets at amortised cost -loans and receivables to other customers | 485,234,206 | 460,707,258 | 5 | 485,304,572 | 460,780,610 | 5 |
Financial assets at amortised cost - debt and other instruments | 182,669,992 | 166,190,761 | 10 | 183,129,969 | 166,355,792 | 10 |
Financial assets measured at fair value through other comprehensive income | 91,843,612 | 94,245,415 | (3) | 92,181,816 | 94,659,106 | (3) |
Investments in subsidiary companies | 1,031,037 | 1,031,037 | - | - | - | - |
Investment property | - | - | - | 3,107,671 | 3,107,671 | - |
Intangible assets | 1,702,014 | 1,766,615 | (4) | 1,751,266 | 1,814,985 | (4) |
Property, plant & equipment | 3,191,915 | 3,147,459 | 1 | 4,129,986 | 4,070,740 | 1 |
Right of use assets | 1,239,618 | 1,260,740 | (2) | 1,297,228 | 1,337,042 | (3) |
Current tax assets | - | - | - | 31,654 | 33,727 | (6) |
Deferred tax Assets | 4,666,401 | 4,158,040 | 12 | 4,729,288 | 4,216,721 | 12 |
Other assets | 9,415,421 | 7,066,842 | 33 | 9,898,197 | 7,517,853 | 32 |
Total assets | 852,416,300 | 795,686,351 | 7 | 860,725,403 | 803,780,220 | 7 |
Liabilities | ||||||
Due to banks | 4,375,976 | 4,841,342 | (10) | 4,375,976 | 4,841,342 | (10) |
Derivative financial instruments | 74,818 | 344,586 | (78) | 74,818 | 344,586 | (78) |
Financial liabilities at amortised cost -due to depositors | 642,283,242 | 631,682,926 | 2 | 642,006,719 | 631,081,461 | 2 |
Financial liabilities at amortised cost | ||||||
- due to debt securities holders | 54,735,077 | 8,002,850 | 584 | 54,735,077 | 8,002,850 | 584 |
- due to other borrowers | 21,646,996 | 22,023,798 | (2) | 21,646,996 | 22,023,798 | (2) |
Debt securities issued | 34,428,079 | 33,564,708 | 3 | 34,428,079 | 33,564,708 | 3 |
Retirement benefit obligations | 1,444,021 | 1,413,872 | 2 | 1,580,958 | 1,556,937 | 2 |
Current tax liabilities | 5,775,573 | 5,204,643 | 11 | 6,070,119 | 5,473,755 | 11 |
Deferred tax liabilities | - | - | - | 979,368 | 976,244 | 0 |
Other liabilities | 10,010,424 | 10,860,883 | (8) | 10,497,691 | 11,630,328 | (10) |
Dividends payable | 853,245 | 81,988 | 941 | 853,245 | 81,988 | 941 |
Total liabilities | 775,627,451 | 718,021,596 | 8 | 777,249,046 | 719,577,997 | 8 |
Equity | ||||||
Stated capital | 22,932,804 | 21,756,865 | 5 | 22,932,804 | 21,756,865 | 5 |
Statutory reserve fund | 3,521,479 | 3,521,479 | - | 3,521,479 | 3,521,479 | - |
Retained earnings | 42,278,912 | 43,501,855 | (3) | 47,169,007 | 48,276,283 | (2) |
Other reserves | 8,055,654 | 8,884,556 | (9) | 8,378,508 | 9,188,008 | (9) |
Total shareholders' equity | 76,788,849 | 77,664,755 | (1) | 82,001,798 | 82,742,635 | (1) |
Non controlling interests | - | - | - | 1,474,559 | 1,459,588 | 1 |
Total equity | 76,788,849 | 77,664,755 | (1) | 83,476,357 | 84,202,223 | (1) |
Total liabilities and equity | 852,416,300 | 795,686,351 | 7 | 860,725,403 | 803,780,220 | 7 |
Net book value per share (LKR) | 180.29 | 186.91 | (4) | 192.53 | 199.13 | (3) |
Contingent liabilities and commitments | 298,607,506 | 288,292,666 | 4 | 298,689,469 | 288,367,118 | 4 |
Certification: | ||||||
We hereby certify that the above financial statements are in compliance with the requirements of the Companies Act No. 07 of 2007. (Sgd.) Himali Nandika Vice President - Finance (Acting) We, the undersigned, being the Chairman and the Chief Executive Officer of National Development Bank PLC certify jointly that:
(Sgd.) (Sgd.) Sriyan Cooray Kelum Edirisinghe cDirector/ Chairman Director/ Chief Executive Officer ation: Public 14 May 2025 | ||||||
STATEMENT OF CHANGES IN EQUITY | |||||||
For the quarter ended 31 March BANK | Stated Capital LKR '000 | Statutory reserve fund LKR '000 | Other Reserves | Retained earnings LKR '000 | Total LKR '000 | Non controlling interests LKR '000 | Total equity LKR '000 |
Revaluation Share based Fair value Cash flow hedge Special reserve reserve payment reserve reserve ISB reserves LKR '000 LKR '000 LKR '000 LKR '000 LKR '000 | |||||||
Balance as at 01 January 2024 Total comprehensive income for the quarter Profit for the quarter Other comprehensive income before tax Tax on other comprehensive income Total comprehensive income for the quarter Transactions with equity holders Final dividends for year 2023 - Cash Final dividends for year 2023 - Scrip | 20,738,231 3,046,479 1,501,603 44,479 2,954,169 835,416 - - - - - - - - - - - - 791,666 (407,777) - - - - - (213,422) 122,332 - | 41,027,500 719,602 - - | 70,147,877 719,602 383,889 (91,090) | - - - - | 70,147,877 719,602 383,889 (91,090) | ||
- - - - 578,244 (285,445) - | 719,602 | 1,012,401 | - | 1,012,401 | |||
- - - - - - - 1,018,634 - - - - - - | (798,929) (1,198,393) | (798,929) (179,759) | - - | (798,929) (179,759) | |||
Balance as at 31 March 2024 21,756,865 3,046,479 1,501,603 44,479 3,532,413 549,971 - | 39,749,780 | 70,181,590 | - | 70,181,589 | |||
Balance as at 01 January 2025 Total Comprehensive Income for the quarter Profit for the quarter Other Comprehensive Income before Tax Tax on Other Comprehensive Income Total comprehensive income for the quarter Transactions with equity holders Issue of Shares Adjustment to share based payment reserves Final Dividends for year 2024 - Cash Final Dividends for year 2024 - Scrip Reversal of dividends declared in prior periods | 21,756,865 3,521,479 1,537,818 148,428 2,891,806 292,075 4,014,429 - - - - - - - - - - - (696,619) (344,350) - - - - - 165,843 103,305 - | 43,501,855 1,925,158 168,593 - | 77,664,755 1,925,158 (872,376) 269,148 | - - - - | 77,664,755 1,925,158 (872,376) 269,148 | ||
- - - - (530,776) (241,045) - | 2,093,751 | 1,321,930 | - | 1,321,930 | |||
114,396 - - (35,306) - - - - - - (21,775) - - - - - - - - - - 1,061,542 - - - - - - - - - - - - - | - -(2,081,455) (1,248,873) 13,637 | 79,090 (21,775) (2,081,455) (187,331) 13,637 | - - - - - | 79,090 (21,775) (2,081,455) (187,331) 13,637 | |||
Balance as at 31 March 2025 22,932,803 3,521,479 1,537,818 91,347 2,361,030 51,030 4,014,429 | 42,278,915 | 76,788,851 | - | 76,788,849 | |||
STATEMENT OF CHANGES IN EQUITY | |||||||
For the quarter ended 31 March GROUP | Stated Capital LKR '000 | Statutory Reserve Fund LKR '000 | Other Reserves | Retained Earnings LKR '000 | Total Rs '000 | Non Controlling Interests LKR '000 | Total Equity LKR '000 |
Revaluation Share Based Fair Value Cash Flow Hedge Special reserve Reserve Payment Reserve Reserve ISB Reserves LKR '000 LKR '000 LKR '000 LKR '000 LKR '000 | |||||||
Balance as at 01 January 2024 Total Comprehensive Income for the quarter Profit for the quarter Other Comprehensive Income before Tax Tax on Other Comprehensive Income Total Comprehensive Income for the quarter Transactions with equity holders Final Dividends for year 2023 : Cash Final Dividends for year 2023 : Scrip | 20,738,231 3,046,479 1,747,711 44,479 2,979,910 835,416 - - - - - - - - - - - - 830,761 (407,777) - - - - - (213,424) 122,332 - | 45,079,167 837,651 (19,731) - | 74,471,393 837,651 403,253 (91,092) | 1,424,930 5,335 (4,308) - | 75,896,323 842,986 398,945 (91,092) | ||
- - - - 617,337 (285,445) - | 817,920 | 1,149,812 | 1,027 | 1,150,839 | |||
- - - - - - - 1,018,634 - - - - - - | (798,929) (1,198,393) | (798,929) (179,759) | - - | (798,929) (179,759) | |||
Balance as at 31 March 2024 20,738,231 3,046,479 1,747,711 44,479 3,597,247 549,971 - | 43,899,764 | 74,642,517 | 1,425,957 | 76,068,474 | |||
Balance as at 01 January 2024 Total Comprehensive Income for the quarter Profit for the quarter Other Comprehensive Income before Tax Tax on Other Comprehensive Income Total Comprehensive Income for the quarter Transactions with equity holders Issue of Shares Adjustment to share based payment reserves Final Dividends for year 2024 - Cash Final Dividends for year 2024 - Scrip Reversal of dividends declared in prior periods | 21,756,865 3,521,479 1,815,166 148,428 2,917,910 292,075 4,014,429 - - - - - - - - - - - (678,771) (344,350) - - - - - 167,397 103,305 - | 48,276,283 2,040,559 168,857 - | 82,742,635 2,040,559 (854,264) 270,702 | 1,459,588 15,115 (145) - | 84,202,223 2,055,674 (854,409) 270,702 | ||
- - - - (511,374) (241,045) - | 2,209,416 | 1,456,997 | 14,970 | 1,471,967 | |||
114,396 - - (35,306) - - - - - - (21,775) - - - - - - - - - - 1,061,542 - - - - - - - - - - - - - | - -(2,081,455) (1,248,873) 13,637 | 79,090 (21,775) (2,081,455) (187,331) 13,637 | - - - - - | 79,090 (21,775) (2,081,455) (187,331) 13,637 | |||
Balance as at 31 March 2025 22,932,803 3,521,479 1,815,166 91,347 2,406,536 51,030 4,014,429 | 47,169,007 | 82,001,798 | 1,474,559 | 83,476,357 | |||
STATEMENT OF CASH FLOW | ||||
For the quarter ended 31 March | BANK | GROUP | ||
2025 LKR '000 | 2024 LKR '000 | 2025 LKR '000 | 2024 LKR '000 | |
Cash flows from operating activities | ||||
Interest received | 21,382,853 | 30,658,712 | 21,426,547 | 30,702,304 |
Fee based income received | 1,755,911 | 1,869,741 | 2,272,535 | 2,320,985 |
Dividend income received | 72,000 | - | 75,480 | 1,747 |
Other Operating income received | 790,515 | (957,119) | 810,836 | (925,191) |
Interest paid | (11,173,079) | (17,655,358) | (11,170,428) | (17,655,295) |
Personnel costs paid | (2,230,519) | (2,025,003) | (2,375,130) | (2,196,239) |
Other expenses paid | (2,234,993) | (1,877,669) | (2,554,559) | (2,121,260) |
Operating profit before changes in operating assets and liabilities | 8,362,688 | 10,013,304 | 8,485,281 | 10,127,051 |
(Increase )/decrease in operating assets | ||||
Deposits held for regulatory or monitory control purposes | 1,296,644 | (1,066,591) | 1,296,644 | (1,066,591) |
Financial Assets at amortised cost -loans and receivables to other customers | (27,508,359) | 5,307,250 | (27,508,359) | 5,307,250 |
Net (increase)/decrease in operating assets | (2,405,047) | 1,383,125 | (2,222,266) | 1,257,563 |
(Increase )/decrease in operating liabilities | ||||
Financial liabilities at amortised cost - due to depositors | 10,818,650 | 1,293,194 | 11,143,592 | 1,438,898 |
Financial liabilities at amortised cost - due to debt securities holders | 46,732,227 | (12,848,990) | 46,732,227 | (12,848,990) |
Financial liabilities at amortised cost - due to other borrowers | (1,275,177) | (9,155,418) | (1,275,177) | (9,155,418) |
Repayment of principal portion of lease liabilities | (127,791) | (120,848) | (139,927) | (127,279) |
Net increase/(decrease) in other liabilities | 265,892 | (1,395,468) | (176,390) | (1,076,566) |
Net cash generated/(used in) from operating activities before taxation | 36,159,727 | (6,590,442) | 36,335,625 | (6,144,082) |
Tax on Financial Services paid | (2,157,899) | (537,690) | (2,157,899) | (537,690) |
Income taxes paid | (948,197) | (615,806) | (1,031,546) | (688,456) |
Net cash generated/(used in) from operating activities | 33,053,631 | (7,743,938) | 33,146,180 | (7,370,228) |
Cash flows from investing activities | ||||
Net changes in financial investments | (17,150,089) | (16,081,613) | (17,178,755) | (16,131,702) |
Purchase of Intangible assets | - | (104,799) | (8,416) | (112,607) |
Purchase of property, plant & equipment | (168,295) | (56,073) | (200,154) | (74,560) |
Proceeds from sale of property, plant & equipment | 3,587 | 3,074 | 3,587 | 3,074 |
Net cash generated /(used in) from investing activities | (17,314,797) | (16,239,411) | (17,383,738) | (16,315,795) |
Cash flows from financing activities | ||||
Proceeds from issue of ordinary of shares | 114,396 | - | 114,396 | - |
Interest paid on debts securities issued | (133,041) | (58,398) | (133,041) | (58,398) |
Dividends paid to shareholders of the Bank | (1,016,729) | - | (1,016,729) | - |
Net cash provided by /(used in) financing activities | (1,035,374) | (58,398) | (1,035,374) | (58,398) |
Net increase in cash and cash equivalents | 14,703,460 | (24,041,747) | 14,727,068 | (23,744,421) |
Cash and cash equivalents at the beginning of the quarter | 40,136,459 | 61,844,117 | 40,781,208 | 62,324,278 |
Cash and cash equivalents at the end of the quarter | 54,839,919 | 37,802,370 | 55,508,276 | 38,579,857 |
Reconciliation of cash and cash equivalents | ||||
Cash and cash equivalents | 15,974,012 | 13,099,775 | 16,642,369 | 13,877,262 |
Placements with banks | 38,830,842 | 24,680,629 | 38,830,842 | 24,680,629 |
Cash and cash equivalents at the end of the quarter (Net) | 54,804,854 | 37,780,404 | 55,473,211 | 38,557,891 |
Add: Impairment allowance | 35,065 | 21,966 | 35,065 | 21,966 |
Cash and cash equivalents at the end of the quarter (Gross) | 54,839,919 | 37,802,370 | 55,508,276 | 38,579,857 |
8
Classification: External Confidential
Classification: Public
For the quarter ended 31 March | SEGMENTA Banking | L ANALYSIS- GROUP Capital Markets | Property Investment | Others | Consolidated | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
LKR '000 | LKR '000 | LKR '000 | LKR '000 | LKR '000 | LKR '000 | LKR '000 | LKR '000 | LKR '000 | LKR '000 | |
Revenue | ||||||||||
Interest Income | 20,359,139 | 24,065,621 | 61,622 | 40,146 | - | - | - | - | 20,420,761 | 24,105,767 |
Fee and commission income | 1,779,674 | 1,800,322 | 437,669 | 391,139 | 49,223 | 34,867 | 13,146 | 8,385 | 2,279,711 | 2,234,713 |
Net gain/(loss) from trading | 326,467 | 316,921 | - | - | - | - | - | - | 326,467 | 316,921 |
Net gain/(loss) from financial assets at fair value through profit or loss | (22,724) | (39,440) | (16,836) | 58,957 | - | - | - | - | (39,560) | 19,517 |
Net gains/(losses) from derecognition of financial assets - Fair Value | ||||||||||
through Profit or Loss Net gains/(losses) from derecognition of financial assets - Fair Value | 45,186 | 419,365 | 11,966 | - | - | - | - | - | 57,152 | 419,365 |
Through Other Comprehensive Income | 186,986 | 710,403 | 78 | - | - | - | - | - | 187,064 | 710,403 |
Other Operating Income | 306,448 | (1,198,835) | 3,264 | 12,631 | - | - | - | - | 309,712 | (1,186,204) |
Total revenue from external customers | 22,981,176 | 26,074,357 | 497,763 | 502,873 | 49,222 | 34,867 | 13,146 | 8,385 | 23,541,308 | 26,620,482 |
Inter-segment Revenue | - | - | 16,738 | 17,228 | 17,404 | 19,045 | - | - | 34,141 | 36,273 |
Total Revenue | 22,981,176 | 26,074,357 | 514,501 | 520,101 | 66,626 | 53,912 | 13,146 | 8,385 | 23,575,449 | 26,656,755 |
Impairment (charge) /reversal for | ||||||||||
Unwinding Impact of the debt restructuring | 457,483 | - | - | - | - | - | - | - | 457,483 | - |
Loans & other losses | (2,632,345) | (4,356,479) | - | - | - | - | - | - | (2,632,345) | (4,356,479) |
Segment expenses | (16,806,040) | (19,859,403) | (361,149) | (369,746) | (4,528) | (5,153) | (4,146) | (16,695) | (17,175,863) | (20,250,998) |
Total segment expenses | (18,980,902) | (24,215,882) | (361,149) | (369,746) | (4,528) | (5,153) | (4,146) | (16,695) | (19,350,727) | (24,607,477) |
Inter-segment expenses | - | - | - | - | ||||||
Segment results | 4,000,274 | 1,858,475 | 153,352 | 150,354 | 62,098 | 48,759 | 8,999 | (8,309) | 4,224,722 | 2,049,278 |
Income tax expenses | - | - | - | - | - | - | - | - | 1,105,349 | 560,774 |
Taxes on financial services | - | - | - | - | - | - | - | - | 1,063,699 | 645,518 |
Profit after taxation | 2,055,674 | 842,986 | ||||||||
Other information | ||||||||||
Segment assets | 852,402,802 | 757,314,998 | 4,197,229 | 3,547,303 | 4,064,582 | 3,619,481 | 60,789 | 97,549 | 860,725,403 | 788,447,801 |
Consolidated total assets | 860,725,403 | 788,447,801 | ||||||||
Segment liabilities | 775,342,872 | 686,708,903 | 924,101 | 873,459 | 957,588 | 897,995 | 24,483 | 30,500 | 777,249,045 | 717,708,461 |
Consolidated total liabilities | 777,249,046 | 717,708,461 | ||||||||
Segmental Cash flows | ||||||||||
Cash flows from operating activities | 33,053,631 | (7,743,939) | 95,989 | 419,021 | 10,056 | (21,302) | (13,497) | (24,008) | 33,146,180 | 297,382 |
Cash flows from investing activities | (17,314,797) | (16,262,976) | (8,210) | (70,911) | (60,731) | (5,473) | - | - | (17,383,738) | (9,150,752) |
Cash flows from financing activities | (1,035,374) | (58,398) | - | - | - | - | - | - | (1,035,374) | (685,653) |
Notes to the Financial Statements | ||
1 | The figures are extracted from the unaudited financial statements of the Bank and the Group. | |
The financial statements of the Bank and the Group have been prepared based on the accounting policies and methods which is in line with the requirements of Sri Lanka | ||
Accounting Standards (SLFRS / LKAS) issued by the Institute of Chartered Accountants of Sri Lanka. | ||
There are no changes to the accounting policies and methods of computation since the publication of the last Annual Report. | ||
2 | These Financial Statements also comply with Sri Lanka Accounting Standard (LKAS) 34 - "Interim Financial Reporting" and provided the information as required in terms of | |
Rule 7.4 of the Colombo Stock Exchange and Circular No 05 of 2024 of Central Bank of Sri Lanka. | ||
3 | Expected Credit Losses | |
The Bank assessed the Expected Credit Losses (ECL) of credit facilities based on two approaches of individual and collective basis. The customers who have been identified | ||
as individually significant were assessed under individual basis and they were staged based on the identified indicators of increase in credit risks. | ||
The Expected Credit Losses assessed on collective impairment approach were based on Probability of Default (PD), Loss Given Default (LGD) and the Economic Factor | ||
Adjustment (EFA) by applying the recent forecasts and projections. Further, the Bank has accounted for management overlays to mitigate any expected losses by | ||
downgrading the staging of facilities included in the identified risk elevated industries where necessary to capture significant increases in credit risk due to stressed | ||
economic conditions. | ||
4 | From total debt investment portfolio ,the Bank has reclassified the Debt portfolio amounting to LKR 37.7 Bn, consisting of Sri Lanka Government Treasury Bonds of LKR 32.6 | |
Bn and Sri Lanka USD Sovereign Bonds of USD 14 Mn held as "Fair Value through Other Comprehensive Income" to "Amortised cost" with effect from 01 April 2022. This | ||
reclassification is a one-time event in accordance with the Statement of Alternative Treatment (SoAT) on reclassification of debt portfolio issued by the Institute of | ||
Chartered Accountants of Sri Lanka and in line with the requirements of the SLFR 9-Financial Instruments paragraph 5.6.5. Sri Lanka USD Sovereign Bonds has been | ||
restructured in December 2024. | ||
If these investments continued to be carried at fair value through other comprehensive income, the fair value of the remaining portfolio as at 31 March 2025 would have | ||
amounted to LKR 3.6 Bn and would have resulted in the recognition of fair value gain of LKR 45 Mn in other comprehensive income during the quarter. | ||
5 | Dividends | |
On 03 March 2025, the Board of Directors approved and declared a final Dividend of LKR 8.00 per share, of which LKR 5.00 was in the form of cash dividend and the | ||
balance LKR 3.00 was in the form of scrip dividend for the financial year ended 31 December 2024 . Accordingly 9,415,842 ordinary voting shares have been listed as scrip | ||
dividends on 24 March 2025. As a result, the stated capital of the Bank increased to LKR 22.9 Bn (31 December 2024 - LKR 21.7 Bn). | ||
6 | There were no other events that require adjustment to the Financial Statements or disclosure in the Financial Statements that has occurred subsequent to the date of the | |
Statement of the Financial Position of the Bank and the Group . | ||
Notes to the Financial Statements | ||||
7. ANALYSIS OF LOANS & ADVANCES, COMMITMENTS, CONTINGENCIES AND IMPAIRMENT AS AT 31 MARCH 2025 | ||||
Bank | Group | |||
As at | As at | As at | As at | |
7.1 Product wise Gross Loans and Receivables | 31/03/2025 LKR '000 | 31/12/2024 LKR '000 | 31/03/2025 LKR '000 | 31/12/2024 LKR '000 |
By product-Domestic Currency | ||||
Term loans | 100,022,822 | 100,672,026 | 100,022,822 | 100,672,026 |
Medium and short term loans | 94,656,043 | 84,404,438 | 94,656,043 | 84,404,438 |
Overdrafts | 57,956,832 | 59,944,846 | 57,956,832 | 59,944,846 |
Trade Finance | 20,316,412 | 18,928,605 | 20,316,412 | 18,928,605 |
Consumer loans | 49,798,372 | 46,510,957 | 49,798,372 | 46,510,957 |
Lease rentals receivable and Hire Purchase | 23,798,685 | 22,666,898 | 23,798,685 | 22,666,898 |
Housing loans | 17,129,818 | 16,885,775 | 17,129,818 | 16,885,775 |
Pawning | 18,393,842 | 16,370,797 | 18,393,842 | 16,370,797 |
Islamic Banking facilities | 11,056,105 | 10,003,994 | 11,056,105 | 10,003,994 |
Credit cards | 8,895,488 | 8,670,182 | 8,895,488 | 8,670,182 |
AF Loans | 1,859,496 | 1,916,540 | 1,859,496 | 1,916,540 |
Staff loans | 3,303,438 | 3,292,370 | 3,373,804 | 3,365,722 |
Sub total | 407,187,354 | 390,267,428 | 407,257,720 | 390,340,780 |
By product-Foreign Currency | ||||
Term loans | 44,453,832 | 38,617,146 | 44,453,832 | 38,617,146 |
Overdrafts | 7,239,320 | 7,357,932 | 7,239,320 | 7,357,932 |
Medium and short term loans | 28,183,740 | 26,288,947 | 28,183,740 | 26,288,947 |
Trade Finance | 40,382,833 | 39,341,594 | 40,382,833 | 39,341,594 |
Islamic Banking facilities | 7,734,296 | 7,861,113 | 7,734,296 | 7,861,113 |
Housing loans | 37,355 | 42,870 | 37,355 | 42,870 |
Sub total | 128,031,376 | 119,509,603 | 128,031,376 | 119,509,603 |
Total | 535,218,730 | 509,777,031 | 535,289,096 | 509,850,383 |
Bank | Group | |||
As at | As at | As at | As at | |
7.2 Product wise commitments and contingencies considered for Impairment | 31/03/2025 | 31/12/2024 | 31/03/2025 | 31/12/2024 |
By product- Domestic Currency | LKR '000 | LKR '000 | LKR '000 | LKR '000 |
Guarantees | 33,836,536 | 41,450,872 | 33,731,749 | 41,046,086 |
Performance Bonds | 8,151,752 | 8,185,025 | 8,151,752 | 8,185,025 |
Documentary Credits | 837,459 | 935,008 | 837,459 | 935,008 |
Acceptances | 571,012 | 391,671 | 571,012 | 391,671 |
Undrawn commitments | 153,224,442 | 145,480,200 | 152,974,442 | 145,230,200 |
Sub Total | 196,621,201 | 196,442,776 | 196,266,414 | 195,787,990 |
By product- Foreign Currency | ||||
Guarantees | 4,346,789 | 4,022,566 | 4,346,789 | 4,022,566 |
Performance Bonds | 2,459,625 | 2,602,881 | 2,459,625 | 2,602,881 |
Documentary Credits | 16,857,048 | 8,922,803 | 16,857,048 | 8,922,803 |
Acceptances | 7,255,048 | 8,301,696 | 7,255,048 | 8,301,696 |
Undrawn commitments | 1,309,790 | 1,160,231 | 1,746,540 | 1,889,469 |
Sub Total | 32,228,300 | 25,010,177 | 32,665,050 | 25,739,415 |
Total | 228,849,501 | 221,452,953 | 228,931,464 | 221,527,405 |
As at 31/03/2025 LKR '000 | As at 31/12/2024 LKR '000 | As at 31/03/2025 LKR '000 | As at 31/12/2024 LKR '000 | |
Gross loans and advances ,Commitments and Contingencies | 764,068,231 | 731,229,984 | 764,220,560 | 731,377,788 |
(Less): Accumulated impairment under stage 1 | 6,514,238 | 6,095,524 | 6,514,238 | 6,095,524 |
Accumulated impairment under stage 2 | 4,806,478 | 5,394,651 | 4,806,478 | 5,394,651 |
Accumulated impairment under stage 3 | 40,313,530 | 39,443,878 | 40,313,530 | 39,443,878 |
Net value of loans and advances, commitments and contingencies | 712,433,985 | 680,295,931 | 712,586,314 | 680,443,735 |
Bank | Group | |||
As at | As at | As at | As at | |
31/03/2025 | 31/12/2024 | 31/03/2025 | 31/12/2024 | |
7.3 Movement of impairment during the period | LKR '000 | LKR '000 | LKR '000 | LKR '000 |
Under stage 1 | ||||
Balance at 1 January | 6,095,524 | 4,751,122 | 6,095,524 | 6,095,524 |
Charge/(Write back) to Statement of Profit or Loss | 418,714 | 1,344,402 | 418,714 | 1,344,402 |
Write-off during the period | - | - | - | - |
Closing balance | 6,514,238 | 6,095,524 | 6,514,238 | 7,439,926 |
Under stage 2 | ||||
Balance at 1 January | 5,394,651 | 6,307,902 | 5,394,651 | 5,394,651 |
Charge/(Write back) to Statement of Profit or Loss | (588,173) | (913,251) | (588,173) | (913,251) |
Write-off during the period | - | - | - | - |
Closing balance | 4,806,478 | 5,394,651 | 4,806,478 | 4,481,400 |
Under stage 3 | ||||
Balance at 1 January | 39,443,878 | 34,009,586 | 39,443,878 | 39,443,878 |
Charge/(Write back) to Statement of Profit or Loss | 2,604,345 | 12,854,071 | 2,604,345 | 12,854,071 |
Write-off during the period | (1,734,693) | (7,419,779) | (1,734,693) | (7,419,779) |
Other movement | - | - | - | - |
Closing balance | 40,313,530 | 39,443,878 | 40,313,530 | 44,878,170 |
8. ANALYSIS OF DEPOSITS | Bank | Group | ||
Due to Other Customers - By product | As at 31/03/2025 LKR '000 | As at 31/12/2024 LKR '000 | As at 31/03/2025 LKR '000 | As at 31/12/2024 LKR '000 |
By product-Domestic Currency | ||||
Demand deposits | 43,950,562 | 42,852,398 | 43,928,873 | 42,804,180 |
Savings deposits | 89,845,621 | 81,378,640 | 89,753,703 | 81,016,288 |
Time deposits | 345,286,033 | 346,074,563 | 345,150,435 | 345,910,656 |
Other deposits | 1,314,666 | 997,857 | 1,314,666 | 997,857 |
Sub total | 480,396,882 | 471,303,458 | 480,147,677 | 470,728,981 |
By product- Foreign Currency | ||||
Demand deposits | 8,918,475 | 10,270,852 | 8,918,475 | 10,269,393 |
Savings deposits | 22,127,404 | 22,109,701 | 22,105,342 | 22,089,374 |
Time deposits | 130,513,552 | 127,545,145 | 130,508,296 | 127,539,942 |
Other deposits | 326,930 | 453,770 | 326,930 | 453,770 |
Sub total | 161,886,360 | 160,379,468 | 161,859,042 | 160,352,480 |
Total | 642,283,242 | 631,682,926 | 642,006,719 | 631,081,461 |
Selected Performance Indicators (As per regulatory Reporting) | BANK | GROUP | ||
As at 31/03/2025 | As at 31/12/2024 | As at 31/03/2025 | As at 31/12/2024 | |
Regulatory Capital Adequacy (LKR '000) | ||||
Common Equity Tier 1 Capital | 58,757,791 | 62,094,115 | 62,978,121 | 66,298,084 |
Tier 1 Capital | 58,757,791 | 62,094,115 | 62,978,121 | 66,298,084 |
Total Capital | 81,932,084 | 86,665,636 | 86,063,520 | 90,776,819 |
Regulatory Capital Ratios (%) | ||||
Common Equity Tier 1 Capital Ratio (Minimum Requirement - 7%) | 12.16 | 13.68 | 12.72 | 14.24 |
Tier 1 Capital Ratio (Minimum Requirement - 8.5% ) | 12.16 | 13.68 | 12.72 | 14.24 |
Total Capital Ratio (Minimum Requirement - 12.5%) | 16.95 | 19.09 | 17.39 | 19.50 |
Basel III Leverage Ratio ( Minimum Requirement - 3%) | 6.60 | 7.46 | 7.01 | 7.89 |
Regulatory Liquidity | ||||
Liquidity Coverage Ratio (%) - Rupee (Minimum Requirement 100%) | 392.64 | 358.12 | N/A | N/A |
Liquidity Coverage Ratio (%) - All Currency (Minimum Requirement 100%) | 341.38 | 308.26 | N/A | N/A |
Net stable Funding Ratio (%) ( Minimum Requirement 100% ) | 133.22 | 152.43 | N/A | N/A |
Asset Quality (Quality of the Loan Portfolio) | ||||
Impaired Loans (Stage 3) to Total Loans Ratio (%) | 5.53 | 5.18 | 5.53 | 5.18 |
Impairment (stage 3) to Stage 3 loans Ratio (%) | 53.26 | 54.48 | 53.26 | 54.48 |
Income and Profitability | ||||
Earnings Per Share (annualised ) (LKR) | 18.18 | 21.73 | 19.70 | 23.57 |
Return on Equity (%) | 10.03 | 12.22 | 10.19 | 12.46 |
Return on Average Assets (after Tax (%) | 0.94 | 1.15 | 1.01 | 1.23 |
Return on Average Assets (before Tax (%)) | 1.92 | 3.09 | 2.04 | 3.23 |
Net interest margin (%) | 3.92 | 4.34 | 3.92 | 4.34 |
Cost to Income Ratio (%) | 41.75 | 36.91 | 42.71 | 38.04 |
Debt Security - Related Ratios | ||||
Interest Cover (Times) | 1.64 | 1.64 | 1.65 | 1.64 |
Debt to Equity (Times) | 9.86 | 9.01 | 9.23 | 8.45 |
Memorandum Information | ||||
Credit Rating | A(lka) / Stable Outlook | A(lka) / Stable Outlook | N/A | N/A |
Number of Employees | 2,993 | 2,920 | N/A | N/A |
Number of Branches | 113 | 113 | N/A | N/A |
MEASUREMENT OF FINANCIAL INSTRUMENTS AS AT 31 MARCH 2025 - BANK (LKR '000) | |||||
At fair value through | At amortised | At fair value through Other | Others | Total | |
ASSETS | profit or loss | cost | comprehensive income | ||
Cash and cash equivalents | - | 15,974,012 | - | - | 15,974,012 |
Balances with the Central Bank of Sri Lanka | - | 6,756,714 | - | - | 6,756,714 |
Placements with banks | - | 38,830,842 | - | - | 38,830,842 |
Derivative Financial Instruments | 872,312 | - | - | - | 872,312 |
Financial assets recognized through profit or loss measured at fair | |||||
value | 8,988,204 | - | - | - | 8,988,204 |
Financial assets at amortised cost -loans and receivables to other | |||||
customers | - | 485,234,206 | - | - | 485,234,206 |
Financial Assets at amortised cost - debt and other instruments | - | 182,669,992 | - | - | 182,669,992 |
Financial assets measured at fair value through other | |||||
comprehensive income | - | - | 91,843,612 | - | 91,843,612 |
Other Financial Assets | - | 1,582,977 | - | - | 1,582,977 |
Total Financial Assets | 9,860,516 | 731,048,743 | 91,843,612 | - | 832,752,871 |
At fair value through | Amortized cost | Total | |||
LIABILITIES | profit or loss | ||||
Due to Banks | - | 4,375,976 | 4,375,976 | ||
Derivative Financial Instruments | 74,818 | - | 74,818 | ||
Financial Liabilities at amortised cost -due to depositors | - | 642,283,242 | 642,283,242 | ||
Financial Liabilities at amortised cost | |||||
- due to debt securities holders | - | 54,735,077 | 54,735,077 | ||
- due to other borrowers | - | 21,646,996 | 21,646,996 | ||
Debt securities issued | - | 34,428,079 | 34,428,079 | ||
Other Financial Liabilities | - | 3,162,324 | 3,162,324 | ||
Total Financial Liabilities | 74,818 | 760,631,694 | 760,706,512 | ||
MEASUREMENT OF FINANCIAL INSTRUMENTS AS AT 31 MARCH 2025 - GROUP (LKR '000) | |||||
At fair value through | At amortised | At fair value through Other | Others | Total | |
ASSETS | profit or loss | cost | comprehensive income | ||
Cash and cash equivalents | - | 16,642,369 | - | - | 16,642,369 |
Balances with the Central Bank of Sri Lanka | - | 6,756,714 | - | - | 6,756,714 |
Placements with banks | - | 38,830,842 | - | - | 38,830,842 |
Derivative Financial Instruments | 872,312 | - | - | - | 872,312 |
Financial assets recognized through profit or loss measured at fair | |||||
value | 12,061,519 | - | - | - | 12,061,519 |
Financial assets at amortised cost -loans and receivables to other | |||||
customers | - | 485,304,572 | - | - | 485,304,572 |
Financial Assets at amortised cost - debt and other instruments | - | 183,129,969 | - | - | 183,129,969 |
Financial Assets measured at fair value through Other | |||||
comprehensive income | - | - | 92,181,816 | - | 92,181,816 |
Other Financial Assets | - | 1,857,613 | - | - | 1,857,613 |
Total Financial Assets | 12,933,831 | 732,522,079 | 92,181,816 | - | 837,637,726 |
At fair value through | Amortized cost | Total | |||
LIABILITIES | profit or loss | ||||
Due to Banks | - | 4,375,976 | 4,375,976 | ||
Derivative Financial Instruments | 74,818 | - | 74,818 | ||
Financial Liabilities at amortised cost -due to depositors | - | 642,006,719 | 642,006,719 | ||
Financial Liabilities at amortised cost | |||||
- due to debt securities holders | - | 54,735,077 | 54,735,077 | ||
- due to other borrowers | - | 21,646,996 | 21,646,996 | ||
Debt securities issued | - | 34,428,079 | 34,428,079 | ||
Other Financial Liabilities | - | 3,599,771 | 3,599,771 | ||
Total Financial Liabilities | 74,818 | 760,792,618 | 760,867,436 | ||
MEASUREMENT OF FINANCIAL INSTRUMENTS AS AT 31 DECEMBER 2024 - BANK (LKR '000) | |||||
At fair value through | At amortised | comprehensive income | Others | Total | |
ASSETS | profit or loss | cost | |||
Cash and cash equivalents | - | 18,037,627 | - | - | 18,037,627 |
Balances with the Central Bank of Sri Lanka | - | 8,053,358 | - | - | 8,053,358 |
Placements with banks | - | 22,098,832 | - | - | 22,098,832 |
Derivative Financial Instruments | 1,146,236 | - | - | - | 1,146,236 |
Financial assets recognized through profit or loss measured at fair | |||||
value | 6,776,131 | - | - | - | 6,776,131 |
Financial assets at amortised cost -loans and receivables to other | |||||
customers | - | 460,707,258 | - | - | 460,707,258 |
Financial Assets at amortised cost - debt and other instruments | - | 166,190,761 | - | - | 166,190,761 |
Financial assets measured at fair value through other | |||||
comprehensive income | - | - | 94,245,415 | - | 94,245,415 |
Other Financial Assets | - | 1,046,533 | - | - | 1,046,533 |
Total Financial Assets | 7,922,367 | 676,134,369 | 94,245,415 | - | 778,302,151 |
At fair value through | Amortized cost | Total | |||
LIABILITIES | profit or loss | ||||
Due to Banks | - | 4,841,342 | 4,841,342 | ||
Derivative Financial Instruments | 344,586 | - | 344,586 | ||
Financial Liabilities at amortised cost -due to depositors | - | 631,682,926 | 631,682,926 | ||
Financial Liabilities at amortised cost | |||||
- due to debt securities holders | - | 8,002,850 | 8,002,850 | ||
- due to other borrowers | - | 22,023,798 | 22,023,798 | ||
Debt securities issued | - | 33,564,708 | 33,564,708 | ||
Other Financial Liabilities | - | 2,467,698 | 2,467,698 | ||
Total Financial Liabilities | 344,586 | 702,583,322 | 702,927,908 | ||
MEASUREMENT OF FINANCIAL INSTRUMENTS AS AT 31 DECEMBER 2024 - GROUP (LKR '000) | |||||
At fair value through | At amortised | At fair value through Other | Others | Total | |
ASSETS | profit or loss | cost | comprehensive income | ||
Cash and cash equivalents | - | 18,682,376 | - | - | 18,682,376 |
Balances with the Central Bank of Sri Lanka | - | 8,053,358 | - | - | 8,053,358 |
Placements with banks | - | 22,098,832 | - | - | 22,098,832 |
Derivative Financial Instruments | 1,146,236 | - | - | - | 1,146,236 |
Financial assets recognized through profit or loss measured at fair | |||||
value | 9,905,171 | - | - | - | 9,905,171 |
Financial assets at amortised cost -loans and receivables to other | |||||
customers | - | 460,780,610 | - | - | 460,780,610 |
Financial Assets at amortised cost - debt and other instruments | - | 166,355,792 | - | - | 166,355,792 |
Financial Assets measured at fair value through Other | |||||
comprehensive income | - | - | 94,659,106 | - | 94,659,106 |
Other Financial Assets | - | 1,321,169 | - | - | 1,321,169 |
Total Financial Assets | 11,051,407 | 677,292,137 | 94,659,106 | - | 783,002,650 |
At fair value through | Amortized cost | Total | |||
LIABILITIES | profit or loss | ||||
Due to Banks | - | 4,841,342 | 4,841,342 | ||
Derivative Financial Instruments | 344,586 | - | 344,586 | ||
Financial Liabilities at amortised cost -due to depositors | - | 631,081,461 | 631,081,461 | ||
Financial Liabilities at amortised cost | |||||
- due to debt securities holders | - | 8,002,850 | 8,002,850 | ||
- due to other borrowers | - | 22,023,798 | 22,023,798 | ||
Debt securities issued | - | 33,564,708 | 33,564,708 | ||
Other Financial Liabilities | - | 2,905,145 | 2,905,145 | ||
Total Financial Liabilities | 344,586 | 702,419,304 | 702,763,890 | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair Values of Financial Instruments are determined according to the following hierarchy as described below:
Level 1 - quoted market price (unadjusted): financial instruments with quoted prices in active markets
Level 2 - valuation techniques using observable inputs: financial instruments with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets and financial instruments are valued using models where all significant inputs are observable.
Level 3 - valuation techniques with significant unobservable inputs: This category includes all instruments valued using valuation techniques where one or more significant inputs are unobservable.
There were no material transfers between levels of fair value hierarchy during the current period of 2025. The Bank did not changed the valuation models and assumptions used to measure the fair values of Level 03 financial instruments during the year ended 31 December 2024.
FINANCIAL ASSETS & LIABILITIES MEASURED AT FAIR VALUE - FAIR VALUE HIERARCHY
Bank | 2025 Fair Value Measurement Using | 2024 Fair Value Measurement Using | ||||||
Quoted prices in active markets Level 1 31/03/2025 LKR '000 | Significant observable inputs Level 2 31/03/2025 LKR '000 | Significant unobservable inputs Level 3 31/03/2025 LKR '000 | Total 31/03/2025 LKR '000 | Quoted prices in active markets Level 1 31/12/2024 LKR '000 | Significant observable inputs Level 2 31/12/2024 LKR '000 | Significant unobservable inputs Level 3 31/12/2024 LKR '000 | Total 31/12/2024 LKR '000 | |
Financial Assets Derivative Financial Instruments Financial assets recognized through profit or loss measured at fair value Financial assets measured at fair value through other comprehensive income | -8,988,204 86,649,891 | 872,312 -5,026,008 | - -167,713 | 872,312 8,988,204 91,843,612 | -6,776,131 89,393,791 | 1,146,236 -5,222,888 | - -167,713 | 1,146,236 6,776,131 94,245,415 |
Total Financial Assets | 95,638,095 | 5,898,320 | 167,713 | 101,704,128 | 96,169,922 | 6,369,124 | 167,713 | 102,167,782 |
Financial Liabilities Derivative Financial Instruments | - | 74,818 | - | 74,818 | - | 344,586 | - | 344,586 |
Total Financial Liabilities | - | 74,818 | - | 74,818 | - | 344,586 | - | 344,586 |
Group | 2025 Fair Value Measurement Using | 2024 Fair Value Measurement Using | ||||||
Quoted prices in active markets Level 1 31/03/2025 LKR '000 | Significant observable inputs Level 2 31/03/2025 LKR '000 | Significant unobservable inputs Level 3 31/03/2025 LKR '000 | Total 31/03/2025 LKR '000 | Quoted prices in active markets Level 1 31/12/2024 LKR '000 | Significant observable inputs Level 2 31/12/2024 LKR '000 | Significant unobservable inputs Level 3 31/12/2024 LKR '000 | Total 31/12/2024 LKR '000 | |
Financial Assets Derivative Financial Instruments Financial assets recognized through profit or loss measured at fair value Financial assets measured at fair value through other comprehensive income | -11,509,630 86,815,454 | 872,312 -5,198,649 | -551,889 167,713 | 872,312 12,061,519 92,181,816 | -9,353,282 89,856,944 | 1,146,236 -5,381,379 | -464,042 167,713 | 1,146,236 9,905,171 94,659,106 |
Total Financial Assets | 98,325,084 | 6,070,961 | 719,602 | 105,115,647 | 99,210,226 | 5,942,173 | 631,755 | 105,710,513 |
Financial Liabilities Derivative Financial Instruments | - | 74,818 | - | 74,818 | - | 344,586 | - | 344,586 |
Total Financial Liabilities | - | 74,818 | - | 74,818 | - | 344,586 | - | 344,586 |
SHARE INFORMATION
SHARE PRICE
As at | 31/03/2025 | 31/12/2024 |
Number of shares | 425,917,899 | 415,513,426 |
Last traded price (LKR) | 107.00 | 113.25 |
For the quarter ended | 31/03/2025 | 31/12/2024 |
Highest price per share (LKR) | 134.00 | 114.00 |
Lowest price per share (LKR) | 99.50 | 76.00 |
TOP 20 REGISTERED SHAREHOLDERS OF NATIONAL DEVELOPMENT BANK PLC AS AT 31.03.2025
Name | Number of Shares | % | |
1 | STANDARD CHARTERED BANK MAURITIUS S/A NORFUND | 42,448,674 | 9.97 |
2 | EMPLOYEE'S PROVIDENT FUND | 40,384,935 | 9.48 |
3 | BANK OF CEYLON NO. 1 ACCOUNT | 33,772,098 | 7.93 |
4 | RICHARD PIERIS AND CO LTD A/C NO.01 | 26,362,399 | 6.19 |
5 | SRI LANKA INSURANCE CORPORATION LTD-GENERAL FUND | 25,823,505 | 6.06 |
6 | SRI LANKA INSURANCE CORPORATION LTD-LIFE FUND | 21,469,210 | 5.04 |
7 | SOFTLOGIC LIFE INSURANCE PLC ACCOUNT NUMBER 03/LIFE SHAREHOLDERS FUND | 20,607,541 | 4.84 |
8 | EMPLOYEES TRUST FUND BOARD | 14,412,776 | 3.38 |
9 | BNYM RE-TERRA GLOBAL OPPORTUNITY FUND, L.P | 13,615,405 | 3.20 |
10 | DR.S.YADDEHIGE | 11,974,368 | 2.81 |
11 | HATTON NATIONAL BANK PLC A/C NO 1 | 11,778,400 | 2.77 |
12 | PERPETUAL TREASURIES LIMITED | 10,395,291 | 2.44 |
13 | SBI VEN HOLDINGS PTE LTD | 10,314,556 | 2.42 |
14 | COMMERCIAL BANK OF CEYLON PLC/METROCORP (PVT) LTD | 9,036,816 | 2.12 |
15 | SOFTLOGIC LIFE INSURANCE PLC-A/C NO. 05 (NON-PARTICIPATING FUND) | 7,492,490 | 1.76 |
16 | AKBAR BROTHERS PVT LTD A/C NO 1 | 5,920,204 | 1.39 |
17 | ACUITY PARTNERS (PVT) LIMITED/MR.ELAYATHAMBY THAVAGNANASOORIYAM/MR.ELAYATHAMBY THAVAGNANASUNDARAM | 5,210,252 | 1.22 |
18 | ARPICO INSURANCE PLC-SHARE HOLDERS | 4,039,426 | 0.95 |
19 | SOFTLOGIC LIFE INSURANCE PLC-A/C NO. 04 (PARTICIPATING FUND) | 3,611,014 | 0.85 |
20 | PEOPLE'S LEASING & FINANCE PLC/MR. D. SCHAFFTER | 3,429,114 | 0.81 |
PUBLIC HOLDING PERCENTAGE
As at 31/03/2025 | |
Float adjusted Market Capitalization in LKR ('000) | 37,237,874 |
Percentage of shares held by the public | 81.71% |
Number of public shareholders | 12,713 |
Option under which the Bank complies with the minimum Public Holding requirement | Option 1 |
DIRECTORS' INTEREST IN SHARES OF NDB AS AT 31.03.2025
Name | No. of shares |
MR. SRIYAN COORAY | - |
MR. BERNARD SINNIAH | - |
MR. SUJEEWA MUDALIGE | - |
MR. KUSHAN D'ALWIS, PC | - |
MS. (FAY) PIYACHATR CHETNAKARNKUL | - |
MS. KASTURI CHELLARAJA | - |
MS. SHWETA PANDEY | - |
MR. HASITHA PREMARATNE | - |
MR. KELUM EDIRISINGHE | - |
Rated unsecured subordinated redeemable debentures
INFORMATION ON DEBENTURES- BANK | |||||||||||
Type of Debenture | CSE Listing | Interest payable frequency | Balance as at 31 March 2025 LKR mn | Market Value | Interest Rate | Interest rate of comparable Govt. Security % | Other ratios as at last trade | ||||
Highest LKR | Lowest LKR | Period end LKR | Coupon Rate % | Effective Annual Yield % | Interest Yield % | Yield To Maturity % | |||||
Fixed rate - Debenture December 2024 A- Dec 2024/Dec 2029 B- Dec 2024/Dec 2029 | Listed | Annually Quarterly | 4,707 468 | Not traded during the quarter Not traded during the quarter | 13.00 12.41 | 13.00 13.00 | 10.75 | Not traded during the quarter Not traded during the quarter | |||
Fixed rate - Debenture September 2024 A- Sep 2024/Sep 2029 B- Sep 2024/Sep 2029 C- Sep 2024/Sep 2029 | Listed | Annually Semi-annually Quarterly | 4,183 822 268 | Not traded during the quarter Not traded during the quarter Not traded during the quarter | 13.25 12.84 12.64 | 12.51 12.50 12.52 | 12.98 | Not traded during the quarter Not traded during the quarter Not traded during the quarter | |||
Fixed rate - Debenture December 2023 A- Dec 2023/Dec 2028 B - Dec 2023/Dec 2028 | Listed Listed | Annually Quarterly | 3,472 1,675 | 15.00 14.22 | 14.05 14.05 | 14.52 | |||||
Not traded during the quarter Not traded during the quarter | Not traded during the quarter Not traded during the quarter | ||||||||||
Fixed rate - Debenture November 2021 A- Nov 2021/Nov 2026 B- Nov 2021/Nov 2028 | Listed | Semi-annually Semi-annually | 8,198 121 | 11.90 12.00 | 11.66 11.73 | 11.14 11.61 | |||||
Not traded during the quarter Not traded during the quarter | Not traded during the quarter Not traded during the quarter | ||||||||||
Fixed rate - Debenture September 2020 Sep 2020/ Sep 2025 | Listed | Annually | 6,808 | 9.50 | 9.16 | 6.57 | Not traded during the quarter | ||||
Not traded during the quarter | |||||||||||
Fixed rate - Debenture December 2013 D - Dec 2013/Dec 2025 | Listed | Annually | 3,706 | 14.00 | 13.26 | 12.09 | |||||
Not traded during the quarter | Not traded during the quarter | ||||||||||
Total Debentures | |||||||||||
34,428 | |||||||||||
18
Rated unsecured subordinated redeemable debentures
Objective number | Objective as per Prospectus | Amount allocated as per Prospectus in LKR | Proposed date of utilization as per Prospectus | Amount allocated from proceeds in LKR (A) | % of total proceeds | Amount utilized in LKR (B) | % of utilization against allocation (B/A) | Clarification if not fully utilized including where the funds are invested |
1 | Improve and further strengthen the Capital Adequacy Ratio (CAR) in line with the Basel III guidelines | 5,000,000,000 | Within 24 months from the date of allotment (i.e. by 2 December 2026) | 5,000,000,000 | 100% | 5,000,000,000 | 100% | - |
2 | Facilitate future expansion of business activities of the Bank | 5,000,000,000 | Within 24 months from the date of allotment (i.e. by 2 December 2026) | 5,000,000,000 | 100% | 5,000,000,000 | 100% | - |
Disclosures regarding the utilization of funds as per the objectives stated in the Debenture Prospectus Debenture Issue - December 2024 (Tranche II)
19
Classification: Public
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