Nations Trust Bank bucks profit trends at most banksView(s):
Nations Trust Bank PLC has bucked the trends at most banks on profits for the 9-months to end September 2022 reporting a Profit Before Tax of Rs. 7 billion, up from Rs.5.8 billion in the same 2021 period and Profit After Tax of Rs. 5 billion vs Rs. 4. 5 billion in the same corresponding periods.
Commenting on Q3 2022 results which were also positive, Hemantha D Gunetilleke, bank Director/CEO, said, “We have delivered another strong quarter continuing the trend demonstrated in the first half of the year. The results underpin the fundamental strengths of bank’s Liquidity, Capital Adequacy and Risk Management framework.”
With higher earnings during the quarter, Earnings Per Share continued to improve throughout the year and stood at Rs.17.55 as of 30th September 2022. The Return on Equity (ROE) as at Q3 2022 was 17.26 per cent compared to 18.31 per cent last year.
The bank said the negative economic environment resulted in impairment provisions on loans, advances guarantees, and commitments increasing by 266 per cent, weighing down returns. Uncertainties in the operating environment and negative flows from moratorium loans led to higher provisions, while Sri Lanka’s sovereign rating downgrade announced earlier this year also contributed to increased provisions despite a relatively lower ISB and SLDB holding.
As a result of the revised VAT rates on Financial Services, higher profits and tax reversals in the previous year, Nations Trust Bank’s overall tax expenses grew by 65 per cent in the period under review.
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