Financial Times

NTB reports good profits

Nations Trust Bank said last week that it had achieved a Group Operating Profit before Tax of Rs.279.7 million for the half year ended 30th June 2006.

On a combined entity basis (with the merger of Mercantile Lloyds Leasing Limited (MLL) on 1st January 2006), Group Operating Profit before Tax showed an increase of 73%. These results were seen on the back of an all round improvement with strong growth in Deposits and Advances, a pleasing increase in Fees and Commissions and while maintaining good control of Non-Performing loans, Provisions and Operating costs, the company said.

Group Profit after Tax was Rs.132.9 million with the effective tax rate increasing from 41% to 52.5% due to the increased Financial Services VAT of 20% and a higher Income Tax rate of 35% in 2006.

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