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National Savings Bank Q1 net profit drops 22.2% YOY

National Savings Bank reported a 22.2% year-over-year decline in net profit for the quarter ended March 31.

The bank said May 23 that net profit attributable to equity holders dropped to 1.78 billion Sri Lankan rupees from 2.29 billion rupees in the year-ago period. EPS for the quarter came in at 2.87 rupees, down from 7.15 rupees.

Net interest income for the quarter slipped to 5.98 billion rupees from 6.71 billion rupees, while net fee and commission income jumped to 158.3 million from 103.9 million in the prior-year period.

The lender posted a total operating income amounting to 6.26 billion rupees, up from 5.61 billion rupees, while net operating income also climbed to 6.17 billion rupees from 6.04 billion rupees.

As of March 31, the lender's total capital adequacy ratio clocked in at 13.75%, down from 15.22% as of Dec. 31, 2016. Its core capital adequacy ratio slipped to 11.86% from 13.08% over the same period.

The Sri Lankan bank's gross and net nonperforming loan ratios for the quarter stood at 1.33% and 1.25%, respectively, both down from 1.55% and 1.47% as of Dec. 31, 2016. Interest margin for the quarter came in at 2.62%, down from 2.89% at the end of December 2016.

As of May 23, US$1 was equivalent to 152.80 Sri Lankan rupees.