Standing Tall

Group turnover grew 21.6 percent or Rs. 553 mn to Rs. 3.1 bn during the period under review.

rnrnHowever, the bank
quote s net interest income during the third quarter has been lower than the second quarter, due to the sharp reduction in market interest rates.

rnrnThe bank says a fall in market rates resulted in re-pricing its loans, in order to remain competitive in the market.

rnrnIn spite of this, enhanced income from treasury and money market operations have resulted in an overall 48 percent increase in net interest income to Rs. 1.06 bn, as against Rs. 708 mn during the same period 2000.

rnrnThe bank
quote s other income lowered Rs. 13 mn to Rs. 278 mn during the period. Dividends from preference share investments made in the latter part of 2000 had partly offset lower net capital gains on disposing part of its investment portfolio.

rnrnThe gross specific provision for bad and doubtful debts remained flat at Rs. 373 mn as against Rs. 371 mn in 2000.

rnrnThe general provision for loan losses,