National Trust Bank, Sri Lanka, net up 26-pct

ECONOMYNEXT – Profits at Sri Lanka’s Nations Trust Bank (NTB) rose 26 percent from a year earlier to 765 million US dollars in the June 2015 quarter, helped by lower interest costs and higher fee income, interim accounts show.

The lender reported earnings of 3.32 rupees per share for the quarter. In the 6-months to June profits rose 9 percent to 1.25 billion rupees.

Fee income rose 12 percent to 792 million rupees, partly helped by its credit card business.

NTB said interest income fell 4 percent to 4.09 billion rupees and interest expenses fell at a faster 17 percent to 1.79 billion rupees, boosting net interest income 8 percent to 2.3 billion rupees.

Loan loss provisions rose 45 percent to 196 million rupees in the quarter.

In the 6-months to June NTB’s loan book rose 5 percent to 103 billion rupees. Reverse repurchase deals of 11 billion rupees were cut to 259 billion rupees.

Financial investments available for sale were boosted to 14.4 billion rupees from 4.3 billion rupees. Financial investments held to maturity also rose 21 percent to 11.6 billion rupees.

The bank said it lost money on government securities as yields moved.

Gross assets rose 1 percent to 161 billion rupees and net assets rose 6 percent to 14.7 billion rupees.

Group total capital adequacy fell to 16.3 percent by end-June 2015 (15.4 percent at stand along bank level) from 18.28 percent in December but remains above the regulatory floor. The gross non-performing loan ratio fell to 4.02 from 4.14 percent. (Colombo/July30/2015)

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