NTB records sharp impairment costs

Nations Trust Bank PLC has recorded a steady performance at the end of 1H2022, achieving operating income of Rs.16.6 billion at a year-on-year   growth rate of 50 per cent.

Profit before Income tax for the six months ended June 30, 2022 was Rs.3.4 billion, down by 12 per cent from Rs.3.9 billion in the corresponding 2021 period, according to the company’s accounts.

Impairment charges rose sharply to Rs.6.8 billion, up by 416 per cent from Rs. 1.3 billion in the same 2021 period.

Commenting on 1H2022 results, Hemantha D Gunetilleke, Director & Chief Executive Officer, stated, “Considering the challenging economic environment, our primary objective was to ensure we provide uninterrupted banking and service excellence to our customers across our branch network. Our advanced digital banking solutions have proved to be extremely useful in our customer reach with digital transactions reaching 89 per cent of all banking transactions.”