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Sri Lanka's National Savings Bank posts FY'17 profit

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Sri Lanka's National Savings Bank posts FY'17 profit

Sri Lanka's National Savings Bank posted a profit after tax of 9.6 billion rupees for 2017, partly thanks to growth in business volumes.

The bank said an interest income of 103 billion rupees and a gain of 1.1 billion rupees from trading in government securities contributed to net profit for the year.

The bank's nonperforming loan ratio clocked in at 1.3%, according to a press release obtained by S&P Global Market Intelligence.

The bank's Basel III total capital adequacy ratio stood at 13.9% as at Dec. 31, 2017, and is expected to increase further once revaluation gains are considered.

As of March 15, US$1 was equivalent to 156.05 Sri Lankan rupees.