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Wednesday December 6th, 2023

Sri Lanka’s NTB Bank net up 77-pct in Dec 22 quarter

ECONOMYNEXT – Profits at Sri Lanka’s Nations Trust Bank grew 77 percent from a year ago to 1.6 billion rupees in the December 2021 quarter amid lower operating expenses and bad loans, interim accounts show.

NTB group reported earnings of 5.57 rupees per share for the quarter.

In the year to December the group reported earnings of 22.20 rupees per share on total profits of 6.6 billion rupees which were up 65 percent.

In the December quarter net interest income gained 40 percent to 4.0 billion rupees, with interest income up 8 percent to 7.6 billion rupees and interest expense down 14 percent to 3.5 billion rupees.

Customer loans rose 18 percent to 247 billion rupees in the 12-months to December.

NTB Bank provided 1.24 billion rupees for loan losses in the quarter up from 1.17 billion rupees a year ago.

Impaired Stage 03 loans grew to 7.9 billion rupees by December 2021 from 6.8 billion 12 months ago.

The NPL ratio fell to 4.90 percent by December 2021 from 7.18 a year earlier.

Debt instruments marginally fell two percent to 26.1 billion rupees in the 12-months to December.

Customer deposits grew 11 percent to 267 billion rupees from 240 billion rupees a year earlier.

Gross assets grew 12 percent to 37.9 billion rupees in the 12-months to December.

Net assets grew 14 percent to 40 billion rupees from 35.1 billion rupees.

NTB’s Tier 1 capital ratio grew to 15.31 from 14.79 percent while Total capital adequacy ratio marginally down to 18.01 percent from 18.37 percent in the 12-months to December.
(Colombo/Mar01/2022)

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Sri Lanka rupee closes stronger at 327.40/90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 327.40/90 to the US dollar on Tuesday, from 328.10/30 the previous day, dealers said.

Bond yields were stable.

A bond maturing on 01.06.2025 closed at 13.60/70 percent from 13.70/14.00 percent.

A bond maturing on 01.08.2026 closed at 13.90/14.00 percent from 13.90/14.10 percent.

A bond maturing on 15.01.2027 closed at 14.00/15 percent from 14.00/14.10 percent.

A bond maturing on 01.07.2028 closed at 14.10/20 percent from 14.20/35 percent.

A bond maturing on 15.05.2030 closed at 14.20/35 percent, from 14.25/45 percent.

A bond maturing on 01.07.2032 closed at 14.10/35 percent, from 14.05/40 percent. (Colombo/Dec5/2023)

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Sri Lanka stocks close down as investor sentiment dips

ECONOMYNEXT – The Colombo Stock Exchange closed down on Tuesday, CSE data showed.

The All Share Price Index was down 0.40 percent, or 43.50 points, at 10,700.09.

The S&P SL20 index was up 0.43 percent, or 13.32 points, at 3,054.41.

Turnover was at 711 million. The capital goods sector contributed 172 million, the food, beverage and tobacco sector contributed 140 million, and banks 113 million of this.

Top positive contributors to the ASPI in the day were John Keells Holdings Plc (up at 193.00), Richard Pieris And Company Plc (up at 19.80), and Nation Lanka Finance Plc, (up at 0.40).

Negative contributors were Commercial Bank of Ceylon Plc (down at 89.70), Sampath Bank Plc (down at 71.00), and Central Finance Company Plc, (down at 106.00). (Colombo/Dec5/2023).

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Sri Lanka plans to reduce number of school grades from 13 to 12

ECONOMYNEXT – The Ministry of Education proposes to reduce the number of school grades from 13 to 12, according to a government information department statement.

“Every child will be given the opportunity to finish school in 17 years through the proposed new education reforms,” education officials were quoted as saying after a discussion on budget allocations.

Under the proposed system, pre-school education will be at the age of 4 years, the primary section between grades 1-5, junior section between grades 6-8, and senior section between grades 9-12.

The General Certificate of Education Ordinary Level Exam (GCE O/L) is proposed to be conducted in grade 10, and the Advanced Level Examination in grade 12.

It has also been decided to reduce the number of mandatory subjects at the GCE O/L Exam from 9 to 7.

Three new subjects, information and communication technology (ICT), technical and professional skills, and religion and values will be made mandatory and included in those 7 subjects. (Colombo/Dec5/2023)

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