NTB 1Q post-tax profit up 15 %
View(s):The Nations Trust Bank (NTB) closed the financial quarter ending 31st March 2013 with a post-tax profit of Rs 502 million, up 15 per cent over the corresponding period 2012.
“First quarter achievement was driven by good growth in top line revenue, well diversified across business segments and under pinned by the growth in loans and advances portfolio,” the bank said in a statement on Tuesday.
Net interest income grew by 21 per cent over the previous period.
Liquidity diminished alongside the push for growth in customer advances whilst deposit growth was strategically managed during the quarter. “The bank continued its efforts to grow low cost balances which reaped good results recording an 8% growth and improving low cost mix over the level reported for the year end 2012,” it said.
Fees and commission income recorded a moderate growth of 15 per cent whilst net trading income recorded a significant drop for the current year. Credit cards recorded a growth of 38 per cent mainly due to higher card fees and merchant commission income.
Both forex income and trade finance income were also impacted by the slow movement in imports, with exports yet to show increasing trends by end of the quarter. Operating expenses recorded an increase of 19 per cent over the previous year with the cost of expansion, branding and tariff increases adding up to the operating cost base.
Renuka Fernando Director/CEO said the bank has, embarked on a 5- year strategic plan aligned to the medium term growth prospects of the country.
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