Nations Trust Bank closed the financial year December 31,2016 with a post-tax profit of Rs.2,869 mn, up by 10% over the previous year with pre-tax profits increasing by 16%.
Profit for the year was impacted by the narrowing of NIMs despite strong volume growth in loans and advances of 24% together with a reduction in impairment charges.
The Group’s net interest income growth moderated to 7% during the year, reflective of the rising cost of funds and a conscious rebalancing of the loan portfolio towards corporate and SME from consumer lending.
CEO and Executive Director Renuka Fernando said economic growth is expected to pick up pace in 2017against the backdrop of conducive interest rates, as well as macroeconomic policies to boost domestic and foreign investor confidence.
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