Nations Trust Bank posts impressive results in 1 H, 2007

Nations Trust Bank said that the Bank and its fully owned subsidiaries continued to surpass the excellent growth momentum recorded in 2006, by posting impressive results both in profitability and business volumes, for the six months ended June 30, 2007.

The Group Profit before Tax and after Tax were Rs. 336.735 million and Rs. 193.211 million for the six months ended June 30, 2007 compared to Rs. 243.912 million and Rs. 132.888 million for the corresponding period of 2006, recording increases of 38% and 45%.

All business segments of the Bank that encompass Retail Banking, Corporate and Wholesale banking, Treasury, Leasing and Credit Cards reported improvements in performance during the period.

Net interest income increased from Rs. 804 million to Rs. 967 million, an increase of 20% driven by the healthy growth recorded in deposits and advances during the period under review.

Deposits grew from Rs. 20.937 billion as at December 31, 2006 to Rs. 26.070 billion as at June 30, 2007, while net loans and advances grew from Rs. 26.993 billion to Rs. 31.174 billion. Foreign Exchange Income and Other Operating Income too recorded impressive growth during the period.