Interest income fell 10 percent to 2.6 billion rupees and interest costs fell at a faster 32 percent to 1.4 billion rupee, allowing net interest income to rise 41 percent to 1.2 billion rupees, a stock exchange filing said.
Non-interest income rose 22 percent to 721 million rupees while provision for bad loans fell 86 percent to 24 million rupees.
NTB's basic earnings per share were 1.71 rupees in the September 2010 quarter compared with 1.04 rupees the year before.
Total performing loans and advances as at September 30, 2010 were up 29 percent to 43.3 billion rupees from the beginning of the year while total deposits rose eight percent to 48 billion rupees.
At bank level the interest margin rose to 5.46 percent from 4.85 percent during the period.
NTB group's return on equity rose to 19.08 percent from 15.20 percent.
“Against the backdrop of improving economic activity, we have delivered good growth in income and profit during the first nine months of the year, by growing our lending book and deposits, maintaining credit quality and focusing on collection of debt supported by a strong expense discipline,” chief executive Saliya Rajakaruna said.
A bank statement on its nine-month performance said improving credit quality as experienced across the industry, resulted in lower provisioning and improvement in debt recovery, which further boosted profits.
During the nine month period under review, the total assets of the bank grew to 84 billion rupees from 70 billion.
"The gross loans and advances portfolio recorded a growth of 8.6 billion rupees or 23 percent with half the growth coming in the third quarter, indicative of the growing credit demand in the market," a bank statement said.
source - www.lbo.lk
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