Thursday, May 13, 2010

Nations Trust Bank Rs 214 mn Q1 profit

NTB Chairman
Ajit Gunawarde
In the interim financial released to the Colombo Stock Exchange, Nations Trust Bank PLC has ended 2010 first quarter with pre-tax profits of Rs 530mn, a substantial 31 percent increase over the same period of 2009.

Post tax profits reported at Rs 214 m, was a significant 19 percent over the first quarter of the previous year. The quarter also saw the conversion of the 2010 warrants into equity with the injection of some Rs 1.257 bn in new funds a leading indicator signalling confidence in both the business and its people.

With the influx of fresh capital, NTB reports group capital near Rs 6bln, a Capital Adequacy Ratio at 16 percent and hence the financial strength to undertake business in developing the North, East and SMEs. During the quarter NTB opened a branch in Batticaloa and is planning to open a branch in Jaffna in the next quarter.
Director/CEO Saliya Rajakaruna said they have made an excellent start in the first quarter. "We are on track to achieve the full year growth and profitability targets set for the year.

Expressing satisfaction in the results posted, Chairman Ajit Gunawardena said they are looking forward to the next quarter and beyond.

"We are in a strong position and will reach greater heights," he said.

Nations Trust Bank has grown rapidly over the last ten years through a strategy of organic growth and acquisitions. These included the tie up with American Express Credit Cards and the merger with Mercantile Leasing Ltd.

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