NTB shows 12% growth in loans in1H 2021
View(s):Nations Trust Bank has seen an increase of 12 percent to Rs. 26 billion in its loan portfolio for the first half (January-June) of 2021, compared to the same period last year, despite the challenging business environment.
“While continuing to provide working capital loans under the ‘Saubagya’ scheme introduced by the government, the bank disbursed over Rs. 19 billion new credit facilities under its own revival fund ‘Nations Diriya’ scheme which is dedicated to extending financial support to key industries, enabling such businesses to recommence and rebuild their business operations,” the bank said in a media release.
The bank also offered special payment relief schemes and repayment plans for existing borrowers, in addition to the Central Bank-mandated moratorium schemes with low interest rates and restructured repayment plans for some of the identified industries.
The group recorded a Profit Before Tax growth of 49 percent for the 6 months ended 30th June 2021 compared to the previous year, despite subdued economic conditions experienced during the second quarter, the release said.
Gains on trading FX increased as a result of FX funding swaps due to a higher depreciation of the rupee during the current period in contrast to the depreciation during the same period last year. Suspension or refund of certain charges by the bank, considering the current difficulties faced by customers due to the COVID-19 pandemic, negatively impacted the bank’s fee-based income, it said.
Commenting on the results and achievements, Priyantha Talwatte, CEO/Director stated, “The bank continues to implement its focused business strategy based on a K shape economic recovery. We are also committed to growing a healthy asset book and remain focused to delivering our strategic agenda set for the year.”