Nov 09, 2011 (LBO) – Profits at Sri Lanka’s Nations Trust Bank, a unit of John Keells Holdings rose 22 percent to 433 million rupees in the September 2011 quarter, helped by lower taxes despite weaker interest margins. The bank reported earnings of 1.91 rupees per share for the quarter. For the nine months it reported earnings of 5.14 rupees on profits of 1.16 billion rupees.
Interest income fell 4 percent to 2.5 billion rupees in the September quarter due to lower interest from bonds while interest expenses rose 2 percent to 1.42 billion rupees trimming net interest 10 percent to 1.09 billion rupees.
Group performing loans rose 28 percent to 57.0 billion rupees from December 2010 to September 2011. Non-performing loans fell 5 percent to 2.88 billion rupees.
The bank provided 68.8 million rupees for loan losses.
Fee income fell 15 percent to 611 million rupees. But the bank’s valued added tax bill fell 25 percent to 126 million rupees and income taxes fell 29 percent to 228 million rupees on lower tax rates, to help net profits.
NTB’s gross assets rose 16 percent to 97.0 billion rupees in the nine months. Net assets rose 21 percent to 8.24 billion rupees.