Sri Lanka NTB December quarter net down seven percent

EconomyNext – Sri Lanka’s Nations Trust Bank (NTB) said December 2014 quarter group net profit fell seven percent to 549 million rupees from a year ago as interest income fell although fee income was higher.

Earnings per share for the quarter were 2.38 rupees, a stock exchange filing said.

For the full financial year ending 31 December 2014, EPS was 11 rupees, up 19 percent from the year before with annual net profit at 2.5 billion rupees.

During the December 2014 quarter, net interest income rose nine percent to 2.4 billion rupees as interest expenses fell 19 percent to 1.97 billion rupees while interest income fell six percent to 4.3 billion rupees.

The accounts showed that net fee and commission income rose 15 percent to 773 million rupees during the quarter.

The accounts also showed an impairment charge for bad loans of 368 million rupees compared with a reversal of 41 million rupees the year before

NTB said in a statement that its corporate banking unit’s interest margins "reduced steadily" during the year "impacting portfolio revenue" and that it aims to enhance fee-based income on trade and foreign exchange businesses.

"During the year, the unit focused on strengthening its presence in the export sector, primarily in agricultural and industrial exports, through targeted marketing to new customers to expand the corporate banking portfolio."

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