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All business pillars performed well in a controlled credit growth environment and contributed evenly to the bottom line
The Nations Trust Bank Group closed the 9 months of 2012 with a post-tax profit of Rs. 1,460Mn surpassing the comparative period of last year by 25 percent. Core earnings posted good growth over 2011, with net revenue increasing by 19 percent.
All business pillars performed well in a controlled credit growth environment and contributed evenly to the bottom line. Specific challenges faced during the early part of the year with the rising interest rate scenario, devaluation of the currency and the changes in the import tax structure for vehicles was well managed with prudent positioning of portfolios and timely execution of alternate strategies. Quarter on quarter post tax earnings also recorded good growth as a result of progressive revenue growth whilst managing expenses despite investments made on expansion of the delivery network and strengthening of the brand.
A well-mapped out strategy to expand the delivery network which commenced two years ago saw the roll out of 8 new branches during the current year taking the network to 56. The bank is now well represented across the key geographies and customer footfall and is progressing towards being recognized as a nation wide bank. Furthermore, five SME business centers were also opened offering a wide range of SME products.
Commenting on the results and achievements, Renuka Fernando Director/CEO stated “We have recorded a noteworthy financial performance during the first 9 months of 2012 which reflects continuing momentum and sustainable returns.
The positive macro environment factors conducive for doing business will support our goals for remainder of the year and we are well on track to close the year on high note. Our expanding branch network, enhancing brand image and the energetic team will steer the Bank to even greater heights in the years to come.”
The Nations Trust Bank Group closed the 9 months of 2012 with a post-tax profit of Rs. 1,460Mn surpassing the comparative period of last year by 25 percent. Core earnings posted good growth over 2011, with net revenue increasing by 19 percent.
All business pillars performed well in a controlled credit growth environment and contributed evenly to the bottom line. Specific challenges faced during the early part of the year with the rising interest rate scenario, devaluation of the currency and the changes in the import tax structure for vehicles was well managed with prudent positioning of portfolios and timely execution of alternate strategies. Quarter on quarter post tax earnings also recorded good growth as a result of progressive revenue growth whilst managing expenses despite investments made on expansion of the delivery network and strengthening of the brand.
A well-mapped out strategy to expand the delivery network which commenced two years ago saw the roll out of 8 new branches during the current year taking the network to 56. The bank is now well represented across the key geographies and customer footfall and is progressing towards being recognized as a nation wide bank. Furthermore, five SME business centers were also opened offering a wide range of SME products.
Commenting on the results and achievements, Renuka Fernando Director/CEO stated “We have recorded a noteworthy financial performance during the first 9 months of 2012 which reflects continuing momentum and sustainable returns.
The positive macro environment factors conducive for doing business will support our goals for remainder of the year and we are well on track to close the year on high note. Our expanding branch network, enhancing brand image and the energetic team will steer the Bank to even greater heights in the years to come.”
