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NTB continues growth momentum

Nations Trust Bank closed the six-months period ending June 30, 2011, at the group level, with pre-tax profits of Rs.1,124Mn, up 19 percent over the corresponding period in 2010 while post-tax profits grew from Rs.494mn to Rs 736mn, an increase of 49 percent.

Commenting on the results and achievements, Director and CEO Saliya Rajakaruna, said they have performed creditably during the first six months of 2011 and recorded a noteworthy financial performance. More importantly, the results reflect continuing growth and sustainable returns.

"The outlook for the rest of the year remains positive with private sector credit growth continuing, driven by an environment conducive for business," he said.

Group net revenue recorded a 5 percent increase over the previous year the key contributory factor being the increase in non-funds based income.

Group net interest income was fractionally below the previous year due to narrowing margins though this impact was mitigated by the growth in business volumes, timely re-pricing of deposits and a shift in the deposit mix towards low cost funds.

The focused approach to enhance non-funds based income resulted in a substantial growth of 23 percent compared to the previous year.

The bank generated non-funds based income from capital market activities as well as from trade and credit card related business lines.

Trade finance volumes, both on imports and exports picked significantly compared to the previous year with the resultant income increasing by 36%.

Credit card related non-fund based income grew by 22 percent for the period under review with increased consumer spend and the roll out of a new card acquisitions program.

Foreign exchange income too showed a significant growth despite the relatively stable exchange rate that prevailed during the period.

During the period, group operating expenses recorded an increase of 15 percent over the 1H 2010.

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