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NTB begins year with steady performance

The Nation Trust Bank (NTB) closed the first quarter ending March 31, 2015 with a post-tax profit of Rs 493 million underpinned by a moderate growth of 9% in operating income and a commendable containment of operating expenses growth to 5% over the corresponding quarter.

These levels of growth in income and expenses resulted in the Bank improving core operating margins considerably but was somewhat hindered by higher impairment charges which impacted bottom line growth.

Bottom line growth slowed due to higher impairment charges amounting to Rs.530 million.

The impairment charge for the period increased by 73% as compared to the corresponding period of 2014. This is primarily due to a one-off charge where specific facilities have been fully provided.

The drop in collective impairment for the quarter is mainly attributable to charges made on account of pawning portfolio in the corresponding period

The asset growth was contained since the maturing FIS portfolio was not reinstated to the same level until a clear interest rate direction was observed.

The capital position was sound at Rs.17.0 billion with Capital Adequacy Ratios at Tier 1 and 2 maintained at comfortable levels. ROE recorded a drop over the level reported for2014 due to the relatively lower post-tax profit for the quarter.

However, with the anticipated steady growth in quarterly profits, an upward trend in ROE is expected as the Bank remains firmly committed towards delivering sustainable returns. Director and CEO Renuka Fernando said, "We are pleased with the performance of the Bank in the quarter, which has withstood multiple challenges of narrowing NIMs, slow demand for credit, higher impairment charges and talent retention.

We will remain undeterred and focused as we relentlessly pursue our goal to become

'The Primary Bank' for our target customer segments."

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