(LANKAPUVATH | COLOMBO) – Nations Trust Bank PLC reported a strong performance in 1H2023 posting a Profit Before Taxes (PBT) of LKR 12.6 Bn, up 174% year-on-year (YoY) and a Profit After Taxes (PAT) of LKR 6.1 Bn, supported by a 35% growth in Operating Income (YoY).
Commenting on the results, Hemantha Gunetilleke, Director & Chief Executive Officer of Nations Trust Bank said “The Bank recorded a strong first half, highlighting steady growth across our customer segments. The Bank’s strengths lie in its continued focus on digital empowerment, robust risk management models and a strong capital base, in addition to healthy liquidity buffers.”
Supporting the Bank’s financial performance is its strong capital position with Tier I Capital at 15.35% and Total Capital Adequacy Ratio at 17.17%, well above the regulatory requirement of 8.5% and 12.5% respectively.
During 1H2023 loan impairment charges reduced by 56%, reflecting the bank’s dedication to prudent risk management practices and due to the absence of high impairment charges booked in the previous year in relation to foreign currency denominated government securities.
The Bank reported a Return on Equity (ROE) of 24.9%, while its Earnings Per Share for the 1H23 increased to LKR 19.14, against LKR 8.45 recorded during the same period last year.
During the reporting period, the Bank’s tax expenses increased by LKR 239% to LKR 6.5 Bn, due to the increase in earnings and in line with the increase in tax rates from the fourth quarter of the preceding year.
Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through an island wide network of 96 branches. The Bank is focused on digital empowerment through cutting-edge digital banking technologies, and pioneered FriMi, Sri Lanka’s leading digital banking experience. Nations Trust Bank PLC is an issuer and sole acquirer of American Express Cards in Sri Lanka with market leadership in the premium segments.