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Sri Lanka's National Savings Bank posts 10% rise in FY'16 profit

Sri Lanka's National Savings Bank said its net profit for the year ended Dec. 31, 2016, increased 10% year over year to 9.5 billion Sri Lankan rupees.

The bank's interest income rose to 86.4 billion rupees, while its net interest margin fell to 2.9% from 3.3% in the prior-year period, according to a press release obtained by S&P Global Market Intelligence.

Operating profit jumped 4% year over year to 16.1 billion rupees, while profit before tax totaled 13.3 billion rupees.

The bank's nonperforming loan ratio clocked in at 1.55%.

For full year 2016, the lender's total capital adequacy ratio stood at 14.7%, while its Tier 1 capital adequacy ratio was at 12.5%.

As of March 30, US$1 was equivalent to 152.01 Sri Lankan rupees.