Mojalemotho pointed out that based on the 12-month period - between April 2005 and March 2006 - the net profit rose by P13.2 million, or 35 percent, to P51 million.
"That notwithstanding, the bank experienced a reduction in interest income of P2.4 million," she said.
She said that other incomes reduced by P0.4 million as a result of a stagnant loan book that negatively affected corresponding fees and commissions.
Strategies are afoot to reverse the trend.
The bank's balance sheet grew by 31 percent, resulting in a new asset base of P741.5 million. The main growth was in liquid assets due to long-term borrowings.
"We would like to thank our valued clients, for whom this bank exists, and the government for its continuous support.
"The sustainable performance could also not have been achieved had it not been for the invaluable guidance from the board of directors and the dedication and commitment from the management and staff of the bank," Mojalemotho added.
The NDB board pursues a dividend policy that allocates 25 percent of the bank's net profit as return on shareholders' funds.
