The Nations Trust Bank (NTB) Group said this week that it increased its quarterly profits as net interest income showed gains.
According to NTB’s financial results for the three months ending 31 March 2010, the Group profits increased by 19% to Rs.214 million in comparison to profits of Rs.180 million for the same period in 2009.
The Group figures include those of the fully owned subsidiaries, Waldock Mackenzie Limited, Allied Properties Limited, Mercantile Leasing (Financial Services) Limited and Nations Insurance Brokers Limited (formerly MLL Insurance Brokers Limited).
Gross income for the period under review declined by 21% to Rs.2.8 billion compared to Rs.3.6 billion in 2009 while interest expenses declined by 35% to Rs.1.3 billion. Net income declined by 1% by Rs.1.4 billion while provisions for bad and doubtful debts and loans written off declined by 57% to Rs.114 million.
According to the segmental information, net profit from banking operations increased to Rs.175 million for the three months ended 31 March 2010 compared to Rs.136 million in 2009. Net profit from investment banking operations declined to Rs.26 million from Rs.37 million the previous year.
The top five shareholders as at 31 March 2010 are John Keells Holdings (JKH), Mackinnons & Keells.
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