Banking Fortunes

Feb 25, 2010 (LBO) – Sri Lanka’s Nation Trust Bank (NTB) group December quarter profits rose 5.0 percent to 181.1 million rupees from a year ago, and full year profits were up 16 percent 686.1 million rupees. For the year non-interest income was up 8.0 percent to 1.9 billion rupees, and non interest expenses were 7.0 percent o 3.2 billion rupees.

The groups loan loss provisions were up 71 percent to 803.6 million rupees.
Group performing loans and advances had slid 11 percent over the year to 33.5 billion rupees. Non-performing loans rose 54 percent 3.76 billion rupees.

Deposits were up 29 percent to 44.4 billion rupees, while borrowings were down 34 percent to 17 billion rupees. NTB’s gross assets had increased 4.0 percent to 70.5 billion rupees.

The banking groups December quarter interest income fell 23 percent to 2.7 billion rupees, while interest expenses fell faster 38 percent to 1.68 billion rupees allowing a net interest income to grow 22 percent to 1.0 billion rupees.

NTB reported group earnings per share of 1.08 rupees for the quarter and 4.09 rupees for the full year.

Fee income for the quarter was down 20.0 percent 360.9 million rupees with forex income falling 63 p