NSB pre-tax profit sharply up by 192.4% during 1Q2024
View(s):National Savings Bank (NSB) began 2024 with a growth momentum, achieving Rs. 3.4 billion Profit After Tax (PAT) for the first quarter with an impressive increase of 221.8 per cent over the same period last year.
Followed by two years of financial hardships, the bank has reversed its regular financial performance showing the balance sheet strength backed by 100 per cent government guarantee and demonstrating strong management skills and dedication of employees at all levels, the bank said in a media release.
A downward trajectory in the market interest rates made a positive impact on NSB’s profit and loss statement by lowering cost of funds. The bank reported a Net Interest Income of Rs. 14 billion for the first three months of the year, an upswing of 79 per cent compared to the same period in 2023.
Fee and Commission Income increased by 35 per cent which was mainly contributed by Fee and Commission by Cards and Service charges. Commission Income from Trade and Remittance also increased by 17 per cent demonstrating the expansion of Remittance business during the period.
The bank made an impairment charge of Rs. 270 million for the period under review which is a reduction of 11.2 per cent compared to the first quarter of 2023.
Accordingly, the bank reported an operating profit before taxes of Rs. 8.1 billion with a notable increase of 158.4 per cent despite the increase in operating expenses by 33.2 per cent to Rs. 7.3 billion.
Commenting on the bank’s performance, Chairperson Dr Harsha Cabral PC said, “the resilience of our bank has been a critical factor in navigating the challenges of the current economic landscape. Our ability to adapt and thrive amid market fluctuations speaks volumes about the strength and stability of our institution”.
General Manager /CEO, Ms Shashi Kandambi commented: “With all the obstacles and hardships faced during last two years, 2024 is a game changing year for National Savings Bank. Our strategic initiatives have yielded significant results, underscoring our commitment to excellence and sustainable growth. Our key operational indicators and performance ratios continued to be robust, demonstrating our strong financial health and operational efficiency.”
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