Nations Trust Bank continues growth momentum

Nations Trust Bank continued to maintain the excellent growth momentum shown in the first half of the year with a Group Operating Profit before Tax of Rs. 466.6 million for the nine months ended September 30, 2006.

Group Operating Profit before Tax showed an increase of 70% compared to the combined results of Nations Trust Bank and Mercantile Leasing Limited (MLL) for the corresponding period last year.

These exceptional results were seen on the back of an all round improvement with strong growth in Deposits and Advances, a pleasing increase in Fees and Commissions, while maintaining good control of Non-Performing loans, Provisions and Operating costs.

Group Profit after Tax was Rs. 231.1 million with the effective tax rate increasing from 39% to 50.5% due to the increased Financial Services VAT of 20% and a higher Income Tax rate of 35% in 2006.

Compared with the combined results of NTB and MLL for the corresponding period last year, for the nine months ended September 2006.

Chief Executive Officer Zulfiqar Zavahir said, "We are quite pleased with the performance for the nine months, which now proves that Nations Trust Bank is a force to be reckoned within the Banking industry.

We have made our presence felt in the market in all the business segments, while significantly growing our customer numbers and volumes.