📈 NDB Appoints KPMG as Auditor in Compliance Shift

National Development Bank PLC (NDB) has officially transitioned its external auditing services to KPMG for the financial year ending 31 December 2026. This move follows a resolution passed at the Annual General Meeting on 27 March 2026. • Regulatory Compliance: The change is a strategic shift to align with Central Bank of Sri Lanka (CBSL) Corporate Governance Rules and Banking Act Direction No. 5 of 2024. • Term Limits: Under specific regulation 6.2 (d) (iv), the engagement of an external auditor is restricted to a maximum period of six years. • Auditor Transition: Ernst & Young (EY) has ceased its role as the bank's auditor to facilitate this mandatory rotation. This transition highlights the banking sector's adherence to stringent regulatory frameworks designed to ensure transparency and independence in financial reporting within Sri Lanka’s financial ecosystem.