Similar to 2022, the quarter continued to be characterized by higher interest costs; due to the prevailing high-interest rate environment.
This saw consolidated net interest income dip by 49.7 percent to 15.3 billion rupees relative to Q1-22. This, in part, also reflected the Bank’s efforts to defer the repricing of some of its loans to its more sensitive customer segments.
Consolidated net fees and commission income amounted to 4.5 billion rupees which, excluding one-off items during Q1-22, represented over a 40.0 percent growth on a like-for-like basis.
Reflecting inflation pushed cost pressures, much of which originated in the period after Q1-22, and saw consolidated total operating expenses rise by 10.1 percent to reach 14.4 billion (Q1-22: LKR 13.1 billion).
This compared well with the industry and, in part, also reflected Group efforts for greater cost control at every instance so reasonably possible.
Total consolidated customer deposits grew to 2,513.1 billion rupees, i.e., by 2.6 percent, while close net loans contracted by 4.2 percent to 1,835.1 billion rupees.
The dip in net loans reflected a conscious effort on the part of the Bank and the Group to control lending more so in a yet contracting macro-economic context.
Total consolidated assets stood at 3,072.2 billion rupees at period end (end 2022: LKR 3,133.1 billion).
This story is from the June 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Breaking Barriers: Peoples Leasing & Finance PLC and Hayleys Solar Collaborate
People’s Leasing & Finance PLC (PLC) and Hayleys Solar have entered into an agreement through a Memorandum of Understanding (MoU).
NSB Continued to Prove its Resilience within an Economic Shudder
NSB demonstrated its mettle by recording a Profit after Tax (PAT) of 7.2 billion rupees for the fiscal year ended December 31, 2023.
Pan Asia Bank Posts Steady Performance in 1Q 2024
Pan Asia Banking Corporation reported a steady performance reflecting improved macro economic conditions as the Bank reported its financial performance during 1Q 2024, which showed judicious portfolio management and prudency in dealing with possible fallout on its asset quality in challenging times.
AWS Beats Azure to Top Global Cloud Computing Market Chart with a 31 percent Share
The cloud computing market attracts users worldwide, and the battle for dominance among top providers is a constant narrative.
Ban Ki-moon Appreciates Growing Close Partnership between GGGI and Sri Lanka
During a meeting between Sri Lankan Prime Minister Dinesh Gunawardena and the Chairman of the Global Green Growth Institute (GGGI), Ban Ki-moon, the former expressed his gratitude for the close partnership that exists between Sri Lanka and GGGI.
Korea Provides Support to Several Sectors
Ambassador of Republic of Korea, Miyon Lee met with Prime Minister Dinesh Gunawardena to discuss follow up actions on the decisions taken at the discussions held during the Prime Minister’s visit to Korea.
Many Benefits to a Number of Sectors in Sri Lanka as a result of PM Dinesh Gunawardena's visit to Korea
During a meeting, the Governor of Gyeongsangbuk-du Province of the People’s Republic of South Korea, Lee Cheol Woo, met with Sri Lankan Prime Minister Dinesh Gunawardena.
The Good Cashmere Standard Boosts its Sustainability Credentials with Focus on Animal Welfare and Transparency
By revising the standard’s criteria and embarking on a new collaboration with TextileGenesis, A Lectra Company, the Aid by Trade Foundation (AbTF) is boosting the credentials of The Good Cashmere Standard (GCS) as an independent seal for sustainably produced and traceable cashmere fibers from Inner Mongolia.
The Central Bank of Sri Lanka Releases its inaugural Annual Economic Review and Financial Statements and Operations of the Central Bank for the Year 2023
The inaugural publication under Section 80 of the Central Bank of Sri Lanka Act, No. 16 of 2023 (CBA),namely, the Annual Economic Review 2023, and the inaugural publication under Section 99 of the CBA, namely, Financial Statements and Operations of the Central Bank 2023, were presented to Ranil Wickremesinghe, the President and Minister of Finance, Economic Stabilization and National Policies, by Dr. P Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka.
President Ranil Wickremesinghe at the Opening of ITC Batnadina Hotel
President Ranil Wickremesinghe expressed his dedication to fostering an economic landscape in the nation that would prevent future struggles among its citizens.