Genworth Financial Announces CEO Change - Yahoo Finance Genworth Financial Announces CEO Change - Yahoo Finance

Saturday, May 19, 2012

Genworth Financial Announces CEO Change - Yahoo Finance

Genworth Financial Announces CEO Change - Yahoo Finance

RICHMOND, Va., May 1, 2012 /PRNewswire/ -- Genworth Financial, Inc. (GNW) today announced that Michael D. Fraizer, the company's chairman and chief executive officer, has resigned. The Board has named Martin P. Klein acting chief executive officer and James S. Riepe non-executive chairman of the Board.

Klein has been chief financial officer since May 2011, and he remains in this position. Riepe, a Genworth director since March 2006, has been the lead director since February 2009.

"On behalf of the Board, we thank Mike for his dedication to Genworth and valuable contributions over the years, and we wish him well for the future," Riepe said. "He has led the company before and through its initial public offering by GE in 2004 and through the recent financial and housing crisis. He leaves Genworth with strong, competitive positions in its leadership lines, a sound foundation to build from, dedicated and talented employees, and loyal distributors. We are very pleased that Marty has agreed to serve in this acting role. He brings a good understanding of Genworth's businesses, along with strong leadership skills and analytical insights that the Board believes are important to building on Genworth's successes, while also addressing its challenges. With Marty and the rest of the senior management team, the Board is confident the company will be able to capitalize on its core strengths and successfully rebuild shareholder value."   Riepe added, "The Board will move forward with the search for a permanent CEO in light of its continued review of the business portfolio."  

Fraizer said, "The Genworth team has accomplished much as we built the business and since the company went public in 2004.  After navigating through the recent financial and housing crisis, and as the company transitions to the next generation Genworth, I believe this is the right time for me to move on to other opportunities.  It has been an honor to serve our customers and work with so many talented employees over the years, and I wish them all the very best."

Klein said, "We have a strong team at Genworth and will remain focused on continuing to rebuild shareholder value.  We continue to make progress on initiatives to improve the performance of our businesses, generate and manage capital, and build holding company liquidity.  I look forward to working through this transition with the Board and my Genworth colleagues as we maintain our focus on creating value for our distributors, policyholders, shareholders, and bondholders." 

Klein has been senior vice president—chief financial officer of Genworth Financial since May 2011. He previously served as a managing director and senior relationship manager of Barclays Capital, the investment banking division of Barclays Bank, PLC. Prior to that, Klein served as a managing director and head of the Insurance and Pension Solutions Groups at Lehman Brothers, and as president of Lehman Re, a reinsurance subsidiary of Lehman Brothers. He has held various other positions within the insurance industry and is a Fellow of the Society of Actuaries and a Chartered Financial Analyst.

Riepe is a retired vice chairman and a senior advisor at T. Rowe Price Group, Inc. Prior to joining T. Rowe Price in 1982, Riepe was an executive vice president of the Vanguard Group.

About Genworth Financial
Genworth Financial, Inc. (GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures.  Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.

Genworth has approximately 6,400 employees and operates through three divisions: Insurance and Wealth Management, which includes U.S. Life Insurance, Wealth Management and International Protection segments; Global Mortgage Insurance, which includes U.S. and International Mortgage Insurance segments; and the Corporate and Runoff division. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit From time to time, Genworth Financial, Inc. releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of

Cautionary Note Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks.  The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.

Runners raise money for Pitt Community College scholarships - WNCT

WINTERVILLE, N.C. -- More than 100 people came out for the Second Annual Bulldog Run today at Pitt Community College.

A few of 9 On Your Side’s reporters and anchors were there to help PCC’s Alumni Association sponsor the race. Andrea Blanford, Lindsay Landry and Rich Klindworth participated in the race, too.

The early morning event featured a 5-K run, a one mile fun run and a kids’ dash.

All money raised will benefit scholarships and educational activities at the college. Many runners say supporting students who are financially in need inspired them to participate.   

“Pitt’s a very good place to get started at,” says runner Ron Duffett, whose daughter graduated from PCC. “And any kind of financial aid that they can get to get started like that is to our benefit, to everybody’s benefit.”

Runner Danny Ellis agrees, “It’s a really good thing. It gets me my chance to run, gets me my exercise. And I know some kid somewhere along the line hopefully it’s going help them in their life.”

Prizes were awarded to the top three male and female runners. Organizers say prior to the race, they raised more than $5,000 dollars for scholarships.

Experts address growing demand for Islamic financial products & services - Saudi Gazette

MANAMA – As the Islamic finance industry continues to be one of the fastest growing components of the global financial system, with an estimated growth rate of 15 percent - 20 percent, international markets are witnessing an expanding demand for Islamic financial products and services - even beyond the traditional markets of South East Asia and the Middle East.
The Islamic funds and investments industry has seen steady growth over the past decade due to the growing global demand for Shariah-compliant financial products and services and a significant increase in the number of institutions structuring Islamic investment products.
According to Ernst & Young the Islamic funds industry grew to $58 billion, achieving a growth of 7.6 percent in 2010.
Held under the theme "New Growth Horizons: Expanding The Global Footprint of Islamic Funds and Investments", the two-day 8th Annual World Islamic Funds and Financial Markets Conference (WIFFMC 2012) starts today (May 20) in Manama, Bahrain.
Leading players, industry thought leaders and key regulators in the international Islamic funds and investments industry for gather for discussions that will seek to capitalize on the new opportunities and chart the future direction of the global Shariah-compliant funds and investments industry.
The event, held under the official patronage of the Central Bank of Bahrain, will be officially inaugurated with an opening keynote address by Abdul Rahman Mohammed Al Baker, Executive Director - Financial Institutions Supervision at the Central Bank of Bahrain. Speaking ahead of the event, Abdul Rahman Mohammed Al Baker said "as with other forms of Islamic finance, the Islamic funds industry has grown to become an increasingly substantial segment within the global financial markets and has gained significant interest as a viable and efficient alternative model of financial intermediation. Growing awareness and increasing demand for investing in accordance with h principles on a global scale have been the catalyst towards making the Islamic financial services industry a flourishing industry. This is also a reflection of the increasing wealth and capacity of investors, both Muslim and non-Muslim, to seek and invest in new investment products that serve their needs." – SG __

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Why Social Learning Benefits Your Business -

This post originally appeared on the American Express OPEN Forum, where Mashable regularly contributes articles about leveraging social media and technology in small business.

Classroom training isn’t dead, but it also isn’t the answer for every training need. Social tools are changing the game when it comes to employee learning. Organizations can create collaborative workplaces where employees can learn from each other instead of only learning in a formal setting or from the proverbial “company expert.”

For training programs to be effective, companies must use the right methods and medium for their training sessions and their audience. Given the popularity of social media, it only seems logical to explore how social media tools can have a positive impact on the learning experience.

What It Means

Tony Bingham, president and CEO of the American Society for Training and Development (ASTD), defines social learning as “learning that happens outside a formal structure or classroom and is really the way people have always learned from each other. Social learning centers on information sharing, collaboration and co-creation.”

While the practice of social learning has been around for ages, we need a better definition of it for today’s workplace. Most of us have a vision for what formal classroom training looks like, so here’s one way to view the basic difference between informal learning and social learning:

  • Informal learning is a term used to describe anything not learned in a formal program or class. It can take place within groups or alone using activities such as reading or search.
  • Social learning is learning with and from others. It happens at conferences, cafes or online — with or without social media tools.

In the book Social Media at Work, written by Arthur L. Jue, Jackie Alcalde Marr and Mary Ellen Kassotakis, the authors share case studies of companies using social and informal learning for business success. For example, Oracle uses a key tool called Connect to give employees the information they need at the moment they need it. The tool is about more than just answering questions -– it’s teaching people how to make smart decisions about the business.

One thing is certain about social learning: It’s not a replacement for traditional classroom training. “There will always be some kinds of training that must be done in a classroom setting because of the requirements of the training or skill mastery demands,” Bingham explains. “Examples include certification, compliance, and deep learning -– this is happening in the classroom.”

Social Learning Benefits

Surveys of CEOs continue to report that recruiting and developing talent are their top concerns. In addition, ASTD Research notes that by 2020, nearly half (46%) of all U.S. workers will be Millennials.

Organizations have to gain an understanding of how a new generation of workers likes to learn, how they use technology and their preferred means of communication. This will be essential in creating training curriculum, development programs and succession plans.

Bingham says it’s possible to calculate the return on social learning, but it’s not the traditional return-on-investment (ROI) formula: “It requires alignment to what’s important to the organization, and often that includes retaining institutional knowledge, solving complex problems collaboratively and attracting people to your organization.”

Maria Ogneva, director of community at Yammer, says, “If your goal is to increase customer satisfaction, perhaps the impact metric you are looking for is the increase of speed of a response to a customer, and how collaboration helps you do that. For any social effort to be successful, it has to tie to a business objective.”

Barriers to Social Learning

Business leaders need to realize that employees are already using social tools -– whether it’s approved or not. Instead of prohibiting the use of social media, savvy business leaders should harness its power to drive business results. Bingham notes, “It’s important to make the distinction between a management problem and a technology problem. Most often, problems that occur with the use of social media are management problems.”

Bingham adds that he sees a concern that the use of social media tools may compromise proprietary informaion, or that issues related to intellectual property, company secrets or business strategy may be divulged by a workforce given social media tools. His recommendation?

“Organizations should have an intellectual property policy in place that outlines clear expectations -– and consequences for inappropriate activity. This policy should consider the multitude of possibilities for the use of an organization’s intellectual property.”

Once guidelines are in place, clearly communicate those throughout the entire organization. The goal isn’t to create obstacles to learning but a respectful, effective means to using social tools.

Implementing Social Learning within Your Organization

Before rolling-out a social learning strategy, take a good look at your company culture. Determine if the company is ready to incorporate social learning into its training and development strategy. Adding social just because it sounds cool isn’t productive for the workforce.

Any time a company is testing the new territory, it’s beneficial to start small. Find a program or an initiative that would be well-served by employing social technologies and let the people involved with it experiment and find what works. “Social learning has an organic nature to it, it can’t be forced,” Bingham says.

After using a new technology, evaluate the success of the program. Get feedback on three levels:

  • From the participants who used the social tool. How did it help or hinder the learning experience?
  • From the administrators of the social tool. Was it easy or difficult to use, explain to others and get participant involvement?
  • From the management team. What was their perception of the results gained from using a social tool within their work teams?

This feedback will help refine the best social learning methods to incorporate for future activities.

Social media platforms will continue to develop and evolve. More and more individuals will start using them for their personal brands and professional lives. Employees will demand simplicity and expect workplace training to incorporate the tools they use on a regular basis.

Would you like to see more social in your training programs? Leave your thoughts in the comments.

More Small Business Resources From OPEN Forum:

- Should Small Businesses Follow Everyone Back on Twitter?
- Are You Falling into the Pricing Trap?
- How to Take Your PR Pitches to the Next Level

DTI Business Registration Grows 8% - Manila Bulleting Online

MANILA, Philippines — Business registration in 2011 was up 8 percent over the previous year indicating that more Filipinos are into the entrepreneurial mode this year.

Data from the Department of Trade and Industry (DTI) showed there were a total of 318,920 businesses registration in 2011 compared to 294,410 in 2010.

The significant increase in business name (BN) registrations last year was attributed to the DTI’s electronic Business Name Registration System or EBNRS which was launched in October 2010. The EBNRS automated the registration processes which led to a faster and more efficient handling of transactions.

“The EBNRS is one of the Department’s anti-red tape initiatives in line with the government’s policy of streamlining the bureaucratic processes and curbing corruption in the frontline agencies," said DTI Secretary Gregory L. Domingo.

Domingo has emphasized the government’s effort to improve the ease of doing business in the country by undertaking reforms such as automation of business registration processes to attract more investments in the country.

“We are continuously studying our processes to simplify business registration and license applications to improve the Philippine business environment. We are closely working with other government offices and the local government units or LGUs to make business easier in the country,” Domingo said.

The application through the EBNRS only takes 15 minutes, and only requires a one-page application form and one signature compared to the previous application scheme. This has drastically improved the process by cutting the length of time, the number of documents and signatures required to register a business name.

With EBNRS in place, entrepreneurs can get their DTI Business Name Registration Certificate in less than 30 minutes. “The automated system not only made the transactions easier for businesses but also for the Department,” said Domingo.

Registration of business name with DTI is only the first step for an entrepreneur to start a business. Other regulatory agencies require businesses to register, as well as the local government units (LGUs) to issue them permits and other licenses to operate. (BCM)

What financial reports reveal about entertainment - Yahoo Finance

Here is a summary of recent financial reports for selected entertainment companies:

April 12: Coinstar Inc. raises its first-quarter and full-year revenue guidance on the popularity of its Redbox movie business. Coinstar says recent price hikes didn't dampen movie rentals during the period as much as it thought they might. And consumer demand jumped on the popularity of movies such as "Moneyball" and "Puss and Boots."

April 23: Netflix Inc. says it added 1.7 million Internet video subscribers in the U.S. and 1.2 million elsewhere to end the quarter with 26.5 million. The company says it lost 1.1 million DVD customers to end with 10.1 million. Netflix says about 7 million of the DVD customers also subscribe to the streaming service. Although Netflix's comeback from a customer backlash accelerated during the first quarter, skittish investors keyed on a second-quarter forecast that calls for a slowdown in subscriber growth during the spring and early summer.

April 26: Coinstar Inc.'s first-quarter earnings soared as its Redbox kiosks proved there is still plenty of money to be made renting low-priced DVDs while Netflix and other services focus on streaming video. Revenue climbed 34 percent. Most of the gains flowed from the nearly 37,000 Redbox kiosks that Coinstar has set up in stores to dispense DVDs for $1.20 per month. Redbox has been picking up more customers since Netflix' raised its prices by as much as 60 percent last summer.

April 27: Big-screen theater technology company Imax Corp. reports a first-quarter net income, reversing a loss, as its theater network expanded and audiences showed up in big numbers for movies such as "Mission: Impossible — Ghost Protocol" and "The Hunger Games."

May 1: CBS Corp. says net income grew 80 percent in the first quarter, as revenue surged on digital licensing deals for its TV shows and overseas sales of reruns.

Satellite radio company Sirius XM Radio Inc. says profit rose 38 percent, as it continued to add subscribers and raised prices.

May 2: Time Warner Inc. says adjusted income beat Wall Street's expectations on the strengths of the company's television and movie studio businesses. Big performers included "Sherlock Holmes: A Game of Shadows" and "Journey 2: The Mysterious Island." The Warner Bros. division also benefited from higher licensing revenue of TV shows and the availability of a CW television series on Netflix, but revenue from DVDs and other home entertainment sales fell.

Comcast Corp.'s NBCUniversal division shone in the quarter. It accounts for a third of Comcast's revenue, but grew much faster, at 18 percent from last year. Revenue at the NBC broadcast network grew 37 percent thanks to the Super Bowl, which was broadcast on Fox last year. Excluding the Super Bowl, NBC's revenue grew 17 percent, helped by improving prime-time ratings and shows like "The Voice" and "Smash." At Universal Studios, revenue grew 22 percent on the theatrical success of "Dr. Seuss' The Lorax" and "Safe House."

Movie studio DreamWorks Animation SKG Inc. says first-quarter earnings rose slightly as both revenue and costs increased. More than half of the company's revenue came from ticket sales of its animated feature "Puss in Boots" overseas and its release on home video in the U.S. Recent titles like "Kung Fu Panda 2" also contributed to revenue. The studio's second-quarter and full-year results are expected to be driven by the release of "Madagascar 3: Europe's Most Wanted" on June 8.

May 3: Viacom Inc., the owner of Paramount Pictures, MTV and Nickelodeon, says net income rose 56 percent, even though a slate of movies that was lackluster compared with last year held back revenue. Revenue rose 5 percent at Viacom's TV networks, and fell 5 percent at Paramount, as movies like "The Devil Inside," ''A Thousand Words," and "Jeff, Who Lives at Home," did not match hits from last year like "Rango" and "No Strings Attached." However, the lower movie revenue was more than offset by lower distribution costs, so Paramount's operating income expanded, contributing to the overall profit increase.

May 8: The Walt Disney Co. says net income in the first three months of the year grew 21 percent as better performance from pay TV network ESPN and its theme parks offset a loss at the movie studio driven by the flop "John Carter." Disney's movie studio had a loss of $84 million, which was on the low end of the $80 million to $120 million range that the company forecast based on the box office performance of "John Carter." Revenue fell 12 percent to $1.2 billion.

May 9: News Corp. says net income increased 47 percent thanks to strong performances at its pay TV networks and its movie studio. News Corp. books $63 million in legal fees in the quarter to deal with an ongoing investigation into phone hacking at its British newspaper unit.

May 10: Sony Corp. says sales improved in its film business in the fiscal year through March. It was lifted by TV shows it produced and home video sales of movies. Profits fell slightly, despite the popularity of "The Smurfs" and "Bad Teacher," offsetting the failure of "Arthur Christmas." Sales and profit both dropped in its music business. Best-sellers included Adele's "21" and Beyonce's "4."

Coming up:

Tuesday: Warner Music Group Corp.

Not yet known: Lions Gate Entertainment Corp.

WPN Business Alliance Rally Announces “Meet the Media” Luncheon Panel and Spotlight Breakout Speakers -
Raleigh, NC, May 19, 2012 --( On May 19th Women’s Power Networking are presenting their fourth annual business expo. This year, the day-long Business Alliance Rally 2012, is offering a special “Meet the Media Luncheon” in addition to 24 breakout sessions featuring local experts covering business and health related topics. The business expo will take place from 10am – 5pm at the McKimmon Center located at 1101 Gorman Street on the NCSU campus in Raleigh. A portion of the proceeds from the event will benefit Alzheimer's Association - Eastern North Carolina. Admission tickets are $10 and free with $25 luncheon purchase. Discounts for multiple ticket purchases are available. Raffle tickets are $5 each and 3 for $10. Businesses, non-profits, organizations and individuals interested attending or purchasing raffle tickets should visit

The catered “Meet the Media Luncheon” runs from 12:15 to 1:30pm inside the McKimmon Center. The panel will focus on helping luncheon attendees understand today’s media choices in developing marketing plans for their business. Panel members are: Alex McTighe, National Sales Manager, Curtis Media Group (radio); Barbara Petty, Owner/Publisher, Boom! Magazine; Matthew Donegan, General Sales Manager, Fox 50 TV; William Ammerman, Sales and Marketing Manager,; and James Wong, Co-founder/Partner, Empowered Ideas. Luncheon tickets include event entry and are $25 in advance online at and $35 at the door.

The 14 Spotlight! Speakers are industry experts leading 24 breakout sessions. Featured speakers are: Julie Alexander, Michele Howe Clarke, Danielle Cooley, Bill Davis, Sharon Cole Edler, Connie Holstein, Clare Luffman, Diana Needham, Olalah Njenga, Dr. Joanne Pizzino, Kristin Springfield, Geanine Thompson, Honey Beth Wiggs, and Sherrie Wilkolaski. The one-hour private breakouts will be at 11 am, 2 pm and 4 pm. Each speaker will present at two different times in one of eight designated rooms. Attendees can choose from marketing, relationship building, personal development, book publishing and promotion, health and wellness, managing an in-home business, how to become an expert in your field, developing endless prospects, and financial management and investment. For topic titles, presentation times and location, go to:

Marilyn Shannon, co-founder of Women's Power Networking and facilitator of the “Meet the Media Luncheon” added, “The Business Alliance Rally is intended for everyone. It provides a chance for businesses to network with one another, sell their products and services, learn how to be more successful, and expand their alliances; fulfilling the promise of Women's Power Networking: "Alliances for Business–Alliances for Life."

About Women’s Power Networking (WPN)
Founded originally as Coffee and Contacts in 2007, Women's Power Networking "Alliances for Business - Alliances for Life" is a growing, national women's business referral network. WPN is the umbrella organization for Power Lunches, the Women Executives Roundtable and the after hours networking event, Cocktails and Contacts. Weekly Coffee and Contacts chapter meetings offer women a positive environment to grow personally and professionally. The WPN Speakers Bureau arranges professional keynote and business speakers for conferences, business meetings, retreats or galas. Visit:

Media Contact:
Eileen Batson
Batson Group Marketing and PR

Stifel Financial Earnings Hindsight: Down 13.0% in Last 10 Days (SF) - Financial News Network Online

When Stifel Financial (NYSE:SF) reported earnings a week ago on May 9th, 2012, analysts, on average, expected the company to report earnings of $0.54 on sales of $382.2 million. Stifel Financial actually reported earnings of $0.55 per share on sales of $409.3 million, beating EPS estimates by $0.02 and beating revenue estimates by $27.2 million. Since the company's report, shares of Stifel Financial have fallen from $35.89 to $31.21, representing a loss of 13.0% in the past 10 days.

There is potential upside of 28.7% for shares of Stifel Financial based on a current price of $31.21 and an average consensus analyst price target of $40.17. Stifel Financial shares should first meet resistance at the 200-day moving average (MA) of $32.84 and find additional resistance at the 50-day MA of $36.34.

Stifel Financial share prices have moved between a 52-week high of $40.57 and a 52-week low of $23.09 and closed Thursday at 35% above that low price at $31.21 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 0.4%.

Stifel Financial Corp. is a financial services holding company whose subsidiaries provide general securities brokerage, investment banking, and money management. The Company operates locations primarily in the Midwest United States.

Technology Business Management—CIO Resource Planning" Focus of Forum -
The public is invited to the Government Technology Institute's Community Technology Forum Harrisburg, PA, May 18, 2012 -- The public is invited to the Government Technology Institute's Community Technology Forum: Technology Business ManagementCIO Resource Planning featuring Bob Mori and Jay Wanek of Apptio, Inc. Sponsored by CISCO, the free event is scheduled for 1:30 p.m. to 3:30 p.m., June 12 at Harrisburg University of Science and Technology.

Mr. Mori is senior account manager and Mr. Wanek is senior application development engineer at Apptio, Inc. Apptio is the leading independent provider of on-demand Technology Business Management (<a href=''>TBM</a>) solutions for managing the business of IT.

The emergence of Cloud and SaaS options have shattered the IT monopoly, forcing CIOs to become a competitive service provider and prove their value to the business. Now more than ever, CIOs require a technology business management system to run the business of IT if they are to keep their seat at the table. This perfect storm brewing in todays IT environment makes this event ideal for CIOs, consultants, programmers, application developers, managers, analysts, software engineers, enterprise architects and information technology professionals, as well as educators, faculty, staff and students in IT project management and computer or information sciences.

Attendees of the no charge event will learn how Apptio can:

1. Increase Visibility into the cost and performance of your services and applications to provide a comprehensive view into your fully loaded costs.

2. Identify Cost Reduction Opportunities and quantify the financial impact (ROI) of IT investments.

3. Effectively communicate the value that IT brings the business by delivering a Bill of IT to each line of business that reflects the cost, usage and value of each IT Service they consume.

4. Automate and align the Budgeting and Forecasting Process to IT Services to gain real time visibility into your budget variances by IT Service, plan for future demand, and proactively reconcile variances with your General Ledger before they impact your Profit & Loss Statement.

Seating is limited. RSVP at

Steve Infanti
AVP Communications
326 Market Street
Harrisburg, PA 17101

NDB reports strong financial results in the first quarter 2012 - Sunday Observer

NDB reports strong financial results in the first quarter 2012

NDB reported strong financial results for the first quarter ended March 31, 2012 and has made significant progress during the period.

The Banking Revenue for the quarter was Rs 2,064m, an increase of Rs 611m, or 42 percent over the corresponding period in 2011.

The Profit After Tax during the quarter increased by Rs 506m or 115 percent compared to the corresponding period in the previous year.

The reported earnings included one off equity income of Rs 271m on the sale of its investment in a 100 percent owned subsidiary, NDB Investment Bank Ltd (NDBIB) and of the 5 percent direct holding in AVIVA NDB Insurance PLC, to its subsidiary Capital Development and Investment Company PLC (CDIC) in March 2012. NDB continues to position itself as the only Financial Services Group in the country, with subsidiaries and associates in Investment Banking (locally and regionally), Stock Broking and Wealth Management, which make up the Capital Markets cluster and Insurance.

This divestment to the Bank's 99.6 percent owned subsidiary CDIC was carried out as part of the overall Group's corporate restructuring exercise, with which, CDIC now positions itself as the diversified financial services investment arm of NDB Group.

Accordingly, these investments will complement CDIC's existing strategic investments in AVIVA NDB Insurance PLC and NDB AVIVA Wealth Management Ltd.

Chairman of NDB, Hemaka Amarasuriya, said, "We are excited about our first quarter results.

We were able to continue the strong momentum built in 2011, and will seek further growth opportunities for the Bank throughout 2012.

Our discipline in the execution of our strategies has produced excellent first quarter results. Our focused management on all of our banking operations is expected to deliver solid growth into the future and enhance shareholder value."

The Bank's Profit After Tax growth after excluding this one-off income shows an increase of 52 percent compared to the 1st quarter of 2011. The Basic earnings per share were Rs 17.96, an increase of 68 percent over the 1st quarter of 2011.

The NDB Group's Profit Attributable to Shareholders for the quarter increased by 19 percent over the prior period.


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