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In the interim financial statements released to the Colombo Stock
Exchange, Nations Trust Bank closed the 6-months period ending 30th June
2011, at the group level, with pre-tax profits of Rs.1,124Mn, up 19%
over the corresponding period in 2010 while post-tax profits grew from
Rs.494Mn to Rs.736Mn, an increase of 49%.
Group net revenue recorded a 5% 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% 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%.
During the period, group operating expenses recorded an increase of 15%
over the 1H 2010. The increase is in line with the expansion drive
initiated in the latter part of 2010 where investments were made in
people, premises and systems to support the growth prospects and
strengthen risk management. Adding further value, the increase in
operating expenses also reflects investments made during the period in
further enhancing the Nations Trust Bank brand.
The Bank accelerated growth in the 2Q with the loan portfolio clearly
indicating a steep pickup in volumes. For the first half of 2011, gross
loans and advances recorded a growth of Rs.5.3Bn up 11%. On a YOY
basis, the uplift by 30th June 2011 was over 26%. The deposit base
increased by Rs.5.4Bn to Rs.54Bn, recording a growth of 11% since 31st
December 2010.
Commenting on the results and achievements, Saliya Rajakaruna,
Director/CEO stated “We have performed creditably during the fist 6
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. Our focus is to move swiftly to emerging areas
of the economy and new geographies and also benefit from building scale
in our current business. For the foreseeable future, the current
pipeline of business is strong and likely to boost the performance of
the Bank. Accordingly we look forward to a rewarding second half”.
Exchange, Nations Trust Bank closed the 6-months period ending 30th June
2011, at the group level, with pre-tax profits of Rs.1,124Mn, up 19%
over the corresponding period in 2010 while post-tax profits grew from
Rs.494Mn to Rs.736Mn, an increase of 49%.
Group net revenue recorded a 5% 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% 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%.
During the period, group operating expenses recorded an increase of 15%
over the 1H 2010. The increase is in line with the expansion drive
initiated in the latter part of 2010 where investments were made in
people, premises and systems to support the growth prospects and
strengthen risk management. Adding further value, the increase in
operating expenses also reflects investments made during the period in
further enhancing the Nations Trust Bank brand.
The Bank accelerated growth in the 2Q with the loan portfolio clearly
indicating a steep pickup in volumes. For the first half of 2011, gross
loans and advances recorded a growth of Rs.5.3Bn up 11%. On a YOY
basis, the uplift by 30th June 2011 was over 26%. The deposit base
increased by Rs.5.4Bn to Rs.54Bn, recording a growth of 11% since 31st
December 2010.
Commenting on the results and achievements, Saliya Rajakaruna,
Director/CEO stated “We have performed creditably during the fist 6
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. Our focus is to move swiftly to emerging areas
of the economy and new geographies and also benefit from building scale
in our current business. For the foreseeable future, the current
pipeline of business is strong and likely to boost the performance of
the Bank. Accordingly we look forward to a rewarding second half”.
