NDB Capital Holdings almost doubles profits to surpass Rs. 700 mln
NDB Capital Holdings (NCAP) recorded a highly successful first 9 months of 2013 with the group reporting over Rs. 1.05 billion in revenue compared to Rs. 516 million during the first nine months of 2012.
“This increased revenue translated to a profit of Rs. 707 million at the group level for the same period, over1.9 fold growth compared to the Rs. 369 million recorded during the corresponding period the prior year,” the company said last week.
The growth in Group profitability was supported by the strong performance of its fee based businesses which are carried out through its subsidiaries, NDB Investment Bank Ltd, NDB Securities (Pvt) Ltd and NDB Wealth management Ltd.
During the quarter, NCAP took a step towards materializing its plans to venture into Private Equity (PE) fund management in partnership with Zephyr Management LP (Zephyr), a New York based leading emerging market PE fund manager. The two parties entered into an agreement to work together, subject to obtaining all regulatory approvals, to set up a PE management company and eventually launch Sri Lanka’s first dedicated country PE Fund.
Company Chairman, Ashok Pathirage commenting on the performance said, that “despite the tough conditions which prevailed in the country’s equity markets, the NCAP Group managed to record excellent performance. This was a direct result of the company being well diversified within the capital market sphere and a reflection of the leadership role which our group companies play in their respective lines of businesses”.
Vajira Kulatilaka, CEO noted that: “NCAP Group’s flagship company, NDB Investment Bank carried out seven listed debenture issues throughout the period under review raising over Rs. 12 billion from the market. NDBIB also has further plans to manage more listed debenture issues during the last quarter of the year for leading Sri Lankan corporates and thereby assert its market leadership position”.
Company Chairman, Ashok Pathirage commenting on the performance said, that “despite the tough conditions which prevailed in the country’s equity markets, the NCAP Group managed to record excellent performance. This was a direct result of the company being well diversified within the capital market sphere and a reflection of the leadership role which our group companies play in their respective lines of businesses”.