NDB reports highest-ever Group PBT, surpassing Rs. 24.0 Bn

National Development Bank PLC (NDB) announced a record-breaking profit for the financial year 2024, marking a significant milestone in the Bank’s growth trajectory. All key performance indicators (KPIs) and shareholder metrics showed substantial improvements, reflecting the Bank’s resilience and commitment to delivering value.

NDB’s Director/ Chief Executive Officer Kelum Edirisinghe commented on the performance. “We are proud of our performance in FY 2024, which demonstrates our financial strength and our ability to adapt in a reviving and evolving economic landscape.

“Our FY 2024 results were driven by a focused strategy that improved operational efficiency and enhanced customer engagements. As highlighted in prior press communications, we centered our efforts on three key pillars: driving transactions, enhancing portfolio quality and increasing net interest margins. Our efforts came in to fruition with the Bank delivering healthy growth in the respective areas which translated to enhanced profitability.

“For the period under review the Bank reported a pre-tax profit of Rs. 24.3 Bn up 141% over 2023 inclusive of the one-off gain of Rs. 12.8 Bn stemming from the ISB restructure. Excluding this gain, our pre-tax profit from the underlying business grew 31% year on year, affirming the resilience of our business model.

“As we reflect on the year gone by, it is clear that 2024 has been a year of tremendous collaboration, where all our key stakeholders – our shareholders, employees, customers, business partners, – have made significant contribution to our shared value journey. I remain deeply thankful to each one of them for their unwavering support and dedication.

“As we look to the future, NDB remains committed to driving sustainable growth, aligned with national priorities whilst empowering all our stakeholders to unlock lasting prosperity. Our focus on environmental, social, and governance (ESG) principles continues to be at the heart of our efforts, ensuring we make a positive impact on the wider ecosystem”, he concluded.

NDB recorded a post-tax profit of Rs. 9.0 Bn for the financial year ended 31 December 2024, a 68% increase over the prior year 2023 (YoY). Group profit attributable to shareholders was Rs. 9.8 Bn, again an impressive growth of 70% YoY. Profit before tax at Bank and Group level were Rs. 24.3 Bn and 25.7 Bn respectively, making them the highest-ever profitability figures the Bank and the Group have posted in its 45 years plus history.

(NDB)