NTB maintains growth

Nations Trust Bank PLC said the Bank and its fully owned subsidiaries maintained the growth momentum recorded in 2007 during the first quarter 2008 by posting a profit after tax of Rs. 144 m compared to that reported for the corresponding period in 2007 of Rs. 102 m, an increase of 41 per cent.

This corresponds to a growth in net income of 36 per cent with only a growth of 24 per cent in operating expenses (excluding provisions).

Total assets grew by 11 per cent during the quarter.

The growth in net income was facilitated by improvements in net interest income (39 per cent), foreign exchange income (29 per cent) and other operating income (32 per cent).

Timely re-pricing of assets and liabilities, replacing part of the high cost funds with relatively low cost sources of funds and increasing money market based lending helped the Bank in achieving the net interest income.