Jan 30, 2008 (LBO) — Sri Lanka’s Nations Trust Bank profits surged 56 percent to 504 million in 2007 as revenues grew 54 percent to 9.1 billion rupees, the company said. In the December quarter its profits grew 64 percent to 151 million rupees as revenues grew 109 percent to 2.7 billion rupees.
“Despite loans and advances portfolio recording a significant growth, the bank managed to maintain asset quality,” NTB said in a statement.
NTB said bad debt provisions rose only one percent over 2006 while gross non performing loans were below 5 percent. Net loans were up 28 percent to 34.5 billion rupees.
The bank’s total deposits grew 38 percent to 28.7 billion rupees.
“We were able to weather adverse economic developments with focus and the implementation of a well thought out strategy,” NTB’s chief executive Zulfiqar Zavahir said,
“We have now put in place a strong foundation to embark upon the next exciting phase of our growth.”
The group’s gross assets grew 18 percent to 53 billion in 2007.