Jonh Keells Holdings-controlled Nations Trust Bank (NTB) has recorded a profit after tax of Rs. 1.08 billion for its full financial year to end-December 2010, a 58% increase over 2009's Rs. 686 million, according to the bank's 2010 Annual Report. This leel of performance was also further mirrored by fourth quarter 2010 after tax profits which showed a 30% year-on-year rise.
Additionally, net interest income for 2010 grew by 23% over 2009, mostly as a result of a 34% drop in borrowing costs. These lower borrowing costs served to counteract a 16% contraction in interest income, a circumstance of negatively revised interest rates. Meanwhile, NTB indicated that deposits for 2010 were Rs. 48.3 billion, up almost 9% year-on-year, while loans and advances grew close to 26% to Rs. 44.5 billion during the same period.
Also revealed in NTB's 2010 Annual Report, total assets were Rs. 83.24 billion in 2010 while capital was at Rs. 6.8 billion, resulting in a Capital Adequacy Ratio of 15.74%. At the same time, the non performing assets ratio was said to have improved to 5% in 2010 from 8% previously. This being trumpeted as due to "prudent credit risk management, stringent monitoring and recovery efforts."
According to NTB Chairman Ajit Gunewardene, quoted in the 2010 Annual Report, the bank's immediate plans include "investments in infrastructure, information technology and human resources as part of the expansion plan” while, in the medium term, the banks exects to tapincreased demand in "high growth potential" sectors including home loans, leasing and personal credit.
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