mainadimage
Modal!
An Echelon Media Company
Saturday October 23rd, 2021
Banking

Fee income helps boost Sri Lanka’s Nations Trust Bank June profits

ECONOMYNEXT- Net profits at Sri Lanka’s Nations Trust Bank (NTB) for the June quarter skyrocketed 90 percent to 1.5 billion rupees from with strong fee income as well as net interest income from its fund book, interim accounts show.

Group earnings for the quarter were 5.31 rupees a share, while for the six months to June earnings were 11.65 rupees a share. NTB closed trading on Thursday at 54.90 rupees a share.

Interest income in the June quarter grew fell 12 percent to 7 billion rupees from a year earlier while interest costs dropped at a faster 29 percent to 3.6 billion rupees and net interest income grew at 16 percent to 3.4 billion rupees.

The bank’s net fee and commission income for the June quarter jumped 82 percent from a year earlier to 1.45 billion rupees.

Foreign exchange income was up from swaps, but credit card income was down with foreign travel down and changes in consumer behaviour, the bank said.

Bad loan provisioning grew 27 percent to 641 million rupees. The bank’s bad loans fell to 5.73 percent in June from 7.18 percent in December.

NTB’s loan book grew 12 percent to 236.3 billion rupees from six months earlier while investments in bills and bonds fell 3 percent to 25.9 billion rupees.

Deposits grew 4 percent to 250 billion rupees.

It paid 458.6 million rupees of value added tax, 43 percent higher than a year ago.

The bank-level tier 1 capital ratio was 13.09 percent, falling from 14.40 percent six months earlier, but remaining above the regulatory minimum of 8 percent.

The total capital ratio fell to 16.06 percent from 17.98 percent, remaining above the minimum 12.00 percent.

Bank-level return on equity gained to 18.60 percent in June from 11.73 percent six months earlier, while return on assets rose to 2.26 percent from 1.72 percent.

NTB said that group-level net assets per share grew 5.7 percent to 131.12rupees.
(Colombo/Aug12/2021)

Leave a Comment

Your email address will not be published. Required fields are marked *

Your email address will not be published. Required fields are marked *

Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Your email address will not be published. Required fields are marked *