Sri Lanka, April 6 -- National Development Bank PLC (NDB) said an internal fraud has been quantified at about 13.2 billion Sri Lankan rupees, sharply higher than earlier estimates.

In a disclosure to the Colombo Stock Exchange (CSE) it added that the fraud was limited to a specific area of operations and recovery efforts are underway with law enforcement support.

NDB said customer balances remain unaffected and operations continue without disruption, while the bank remains well capitalised and liquid.

The Central Bank of Sri Lanka (CBSL) has directed NDB to suspend a scheduled cash dividend payment and restrict discretionary spending, including branch expansion, while allowing the scrip dividend to proceed. The regulator has also ext...