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Growth Numbers

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.

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In the December quarter its profits grew 64 percent to 151 million rupees as revenues grew 109 percent to 2.
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7 billion rupees.

“Despite loans and advances portfolio recording a significant growth, the bank managed to maintain asset quality,” NTB said in a statement.

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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.

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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.


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