NDB Capital Holdings records Rs. 207 m PAT

NDB Capital Holdings PLC continued its impressive run through the second quarter of 2014 by recording a notable consolidated quarterly income of Rs. 321 million which translated to a consolidated PAT of Rs. 207 million.
At Company level, the quarterly income and PAT stood at Rs. 173 million and Rs. 153 million respectively. In 2014 alone NCAP Group has been decorated with 21 well-recognised international awards further consolidating its position as the leading investment banking group in the country. This includes 13 awards by the Sri Lankan operation as well as eight awards by its investment banking arm in Bangladesh.
The first half performance of the group also recorded a similar growth trend as the income improved by 13% from Rs. 602 million (adjusted) to Rs. 682 million. The net profitability too grew by 22% to Rs. 454 million in 2014 compared to the adjusted profit of Rs. 373 million in 2013.
The reason for the adjustment is due to NCAP Group recording an extraordinary profit during the first quarter of 2013owing to income from investing approximately Rs. 6.7 billion in cash it received via the divestment of both direct and indirect stakes held in Aviva NDB Insurance PLC.
However, this cash was returned to the shareholders towards the end of 2013Q1 and was not available for the Company for investments beyond that period. The remarkable performance in the first half of 2014 was mainly fuelled by efficient asset allocation and successful investment strategies. The Group annualised ROE also increased to 14.3% in the first half of 2014 from 11.5% (adjusted) in H1 2013.
Chairman Ashok Pathirage while commending the impressive performance of the NCAP Group said: “Our Group has been able to expand our leadership position in the investment banking sector within the region as we clutched the ‘Best Investment Bank 2014’ award by Euromoney Magazine, both in Sri Lanka and Bangladesh. NDB Investment Bank won the award for the third year running. It was the first time this esteemed award was presented in Bangladesh and NCAP Group became the first-ever Asian investment bank to have won this award in two countries.”
He added: “NDB Wealth Management continued to progress strongly as it reached Rs. 80 billion assets under management (AUM) for the first time in Sri Lanka, elevating NCAP Group’s total AUM to over Rs. 82 billion.”
CEO Vajira Kulatilaka stated: “As evidenced by the first quarter performance, NCAP Group is well on track to record another great year capitalising on the upsurge in the country’s capital markets experienced during the late part of the second quarter. With our private equity initiative gaining momentum and majority of the investors in-principally being in agreement for their capital infusions to the Fund, NCAP Group can soon successfully venture into and cater to another important segment of the country’s economy.”
NCAP is a subsidiary of National Development Bank PLC.