NTB Group profit grows 56% to Rs. 504m in 2007

Nations Trust Bank, has reported excellent performance for 2007, with a strong all-round performance in all key business activities. Productivity, profitability, asset quality and shareholder value have all improved as reflected by the relevant performance indicators.

In the Annual Report 2007 released to the Colombo Stock Exchange the NTB Group, comprising the Bank and its subsidiaries, has reported a rise in Pre Tax Profit to Rs. 847 Mn. from Rs. 538 Mn., an increase of 57% over the previous year. Post Tax Profits of the Group too have risen to Rs 504 Mn. recording a growth of 56% amidst a 59% increase in tax liability.

These results are specially commendable given the highly volatile market conditions that prevailed during the year.

In his review for 2007, NTB Chairman Ajit Gunewardene said, “Since 2003, the Bank has been implementing a strategy which was retail focused and aimed at building a strong market presence, a clear corporate identity and a highly profitable business portfolio.

This we have done in no small measure, having achieved total assets and post tax profits in excess of Rs. 50 Bn. and Rs. 500 Mn. respectively in 2007”.

A new strategic plan covering the period 2008 - 2012 has been formulated on the theme “unparalleled and unprecedented levels of convenience” with a large number of new initiatives and clearly defined milestones and deliverables to ensure full implementation and monitoring performance.