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| Sunday, 10 August 2003 |
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| News Business Features Editorial
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Strong performance from Nations Trust Nations Trust Bank (NTB) recorded strong performance during the first half of 2003, posting a net profit of Rs 143.8 million compared to Rs 8.3 million in the first half of 2002, with revenues from fixed income securities trading contributing significantly to the bottom line. Total business turnover grew to Rs 1.1 billion from Rs 360 million in the first half of 2002, with deposits increasing by 81 per cent to Rs 5.8 billion. With the acquisition of Waldock Mackenzie Ltd in 2002, the asset base increased to Rs 15.9 billion, while net loans and advances increased 93 per cent to Rs 6.1 billion from Rs 3.2 billion. The recently concluded Rights Issue increased shareholders' funds to Rs 1.2 billion and the bank's present capital adequacy ratio is 16.8 per cent. The Group also had a favourable Non-Performing Loans ratio of 4.5 per cent as at June 2003. NTB is promoted by the John Keells Group, Central Finance Group and the International Finance Corporation. The BNP Paribas South Asia Fund acquired a four per cent stake in the bank subsequent to the Rights Issue and has become NTB's fourth largest shareholder. The bank also announced the assigning of an SL A- rating for its Implied Long-term Unsecured Senior Debt by Fitch Ratings Lanka Ltd. The rating denotes a low expectation of credit risk, with the capacity for timely payment of financial commitments being considered strong. Fitch in its report highlighted that NTB is one of the new generation commercial banks. An experienced and effective management team has complimented its innovative approach. Over the long term, the bank expects to evolve into a total financial services provider. This would include offering financial services such as insurance and equity brokerage. The management envisages considerable consolidation in the banking industry within the next few years and expects NTB to be one of the top five players in the country under such an environment. |
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