NDB swims against the COVID-19 tide

Pre-tax profitability was up by 2 per cent to Rs. 7.7 billion at the NDB group for the period ending September 2020 while post-tax profit was up by 34 per cent to Rs. 4.5 billion.

In a statement to shareholders, the bank said it recorded yet another quarter of sound performance amidst macro-economic challenges brought by the COVID19 pandemic. The bank continued its support towards pandemic affected customers through financial and advisory support, whilst maintaining banking services as usual.

Dimantha Seneviratne, NDB Director/ Group CEO said that living with pandemic concerns has now become the new norm till a lasting solution is found, and in that backdrop, the duty of the banking sector is to provide undisrupted banking services and support the economic revival despite such challenges.

“The nine months ending September 2020 was one of the most challenging times we encountered in recent history. Yet NDB managed to steer through with resilience and make a meaningful contribution to the economy and in the process generate solid returns to its shareholders and touch the lives of many other stakeholders,” he said.

NDB raised Rs. 6.5 billion via Tier II Listed Rated Unsecured Subordinated Redeemable Debentures issued in September 2020, with the issue being oversubscribed within the day of opening itself.

NDB has approved over Rs. 18 billion of loans under the Central Bank’s Saubhagya COVID-19 Renaissance Facility, and is the fourth highest bank to approve such loans in the industry.