NSB 1H pre-tax profit up 68% to Rs. 6.2 b

Tuesday, 25 August 2015 02:05 - - {{hitsCtrl.values.hits}}

Savings giant NSB has recorded the highest half yearly profits in its history with an impressive Profit Before Tax (PBT) growth of 68% as compared to same period last year.

The profitability for the first half for 2015 reached Rs. 6.2 billion with the increase mainly fuelled by growth in its traditional lines of business.

The Profit After Tax (PAT) was reported at Rs. 3.9 billion for the first half of 2015. These profits were reported following prudent provisioning policies adopted for any adverse impact on declining gold market prices. 01-4

The bank’s loans and advances grew by 6.9% during this period with investments in Government securities increasing up to Rs. 519 billion. The total assets of the bank surpassed the Rs. 800 billion milestone by end of June indicating a growth of 4.7%.

A concerted effort to aggressively mobilise deposits during first and second quarters reaped benefits to the tune of Rs. 21.5 billion in incremental deposit balances of which Rs. 11.9 billion generated through savings related products. The total deposits of the bank stood at Rs. 575 billion at end of June 2015.

The bank’s Tier 1 capital adequacy ratio stood at 19.9%, while total capital adequacy for the reviewed period was at 18.5%. These ratios remain well above the regulatory standards for well capitalised banks.

The bank will continually evaluate initiatives to further enhance business and develop infrastructure as appropriate. Further improvements in customer delivery standards could be envisaged to maintain momentum in order to build competitive advantages with focus on information technology.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.