- Operating Income of LKR 34.2Bn up 24% YoY
- Profit Before Tax at LKR 19.4Bn, up 108%
- Profit After Taxes at LKR 9.4Bn, up 78%
- Return on Equity increased to 24.3%, Earnings Per Share improved to LKR 29.53
- Liquidity Ratio at 43.49%, Tier 1 Capital Adequacy ratio at 13.95%
Nations Trust Bank continued its solid financial performance into the third quarter of 2023, with a Profit Before Tax (PBT) of LKR 19.4Bn and a Profit After Tax (PAT) of LKR 9.4 billion, a YoY increase of 78% for the nine months ended 30 September. The bank recorded a 24% YoY growth in Operating Income for the nine months, supported by higher net interest income and fees as well as substantially lower impairment charges.
Hemantha Gunetilleke, Director and Chief Executive Officer of Nations Trust Bank said, “We’re pleased to report a strong result for the 9 months to 30 September 2023, highlighting steady growth across our customer segments and gains in market share. 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”.
Nations Trust Bank’s financial position remained strong with Tier 1 Capital Adequacy ratio at 13.95% and Total Capital Adequacy at 15.61% against regulatory requirements of 8.5% and 12.5% respectively. The Statutory Liquid Asset Ratio was 43.49% as of 30 September, well above the regulatory requirement of 20%.
Proactive investment management, yields from fixed income securities, combined with the efficient cost of fund management, contributed to the growth in Net Interest Income (NII). The utilization of low-cost funds generated through FX Swaps further enhanced interest margins, while Fee-Based Income also experienced steady growth.
The Return on Equity (ROE) increased from 17.1% in December 2022 to 24.3% as of 30 September 2023. The bank’s Earnings Per Share (EPS) also improved significantly, reaching LKR 29.53 for the 9 months ending 30 September of 2023, compared to 16.56 during the same period last year.
Nations Trust Bank PLC serves a diverse range of customers across Consumer, Commercial and Corporate segments through multi-channel customer touch points spanning both physical and digital. 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.