NSB records Rs.25.5 bn pre-tax profit for 3Q2024
View(s):National Savings Bank (NSB) has seen a robust financial performance in the third quarter of 2024, propelled by the short-term advantages of liability repricing and a surge in fee-based income, recording a profit before tax of Rs.25.5 billion for the period, reflecting strong growth compared to the corresponding period of the previous year. NSB reported a profit after tax of Rs.15.3 billion, a significant increase compared to Rs.4.9 billion in the same period last year.
In a media release, the bank said net interest income was Rs.53.4 billion for the nine months ending September 30, 2024, reflecting a growth of 191 per cent compared with Rs.18.3 billion recorded during the same period last year. This achievement was realised despite a decline in both gross income and interest income of 8.7 per cent and 9.1per cent respectively over the period under review. The decline in interest income was primarily attributed to the sustained reduction in interest rates on government securities as well as loans and advances when compared to the corresponding period of the previous year.
“The past nine months have presented significant challenges, as we have strived to maintain margins while growing our portfolios in an interest rate reducing scenario. Although we are witnessing signs of recovery, the lingering effects of the worst economic crisis continue to impact both our borrowers and depositors,” said NSB Chairman Dr. Harsha Cabral PC.
NSB General Manager/CEO Ms. Shashi Kandambi noted that “as we look ahead, the growth in private sector credit during the September quarter in the banking industry underscores a renewed sense of optimism and opportunity within the economy. This acceleration reflects a mutual confidence between the bank and our borrowers, driven by improving economic conditions and easing interest rates. With this positive momentum, we are committed to further supporting the private sector by responsibly expanding our lending activities”. During the nine months period of the year, the bank contributed Rs. 18.4 billion in taxes to the government.
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