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NATIONS TRUST BANK PLC and ITS SUBSIDIARIES Company Number

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NATIONS TRUST BANK PLC and ITS SUBSIDIARIES Company Number NATIONS TRUST BANK PLC AND ITS SUBSIDIARIES Company Number PQ 118 INTERIM FINANCIAL STATEMENTS For the Six months ended June 30, 2020 NATIONS TRUST BANK CONTINUES TO SUPPORT THE NATIONS’ INITIATIVES DURING THESE UNPRECEDENTED TIMES The Bank maintained essential banking services uninterrupted during the period of lockdown, contributing to efforts by the Sri Lankan government to manage the impact of COVID‐19 pandemic. Our investments in digital technology continued to benefit customers during this hour of need. This was proven by the extensive use of Bank's digital platforms by our customers. Further, the Bank implemented relief schemes in line with the Government directives to support customers affected by the economic downturn as a result of the pandemic. One of the key priorities of the Bank at this time is to ensure a strong liquidity position enabling it to meet ongoing commitments. Mechanisms to manage fund outflows, facility rollovers and utilization levels as well as the arranging of additional funding lines were implemented. The Bank has taken all recommended measures to ensure the safety and wellbeing of its employees, customers and all other stakeholders during these unprecedented times and continues to adhere to the guidelines issued by the Government and health authorities. Financial results for the 2nd quarter of 2020 Group’s Operating profit before all taxes declined by 4%, while Profit after Tax increased by 24% due to the removal of the Debt Repayment Levy and NBT on financial services. Net Interest income declined by 15% due to the lack of growth in the loan book and interest ceiling imposed from April 2019 together with the impact on the moratorium loans. Average Weighted Prime Lending Rate reduced by 288 basis points as at end of 2Q 2020 compared to 2Q 2019. Reduction in Net Interest margins was contained to 80 bps as a result of effective fund management strategies supported by the growth in current and savings account balances. Fee based income dropped mainly due to reduction in cards spend coupled with lower Trade Finance volumes. However, gains on trading FX increased from forward FX funding swaps due to the depreciation of the rupee during the period, in contrast to appreciation in the same period last year which helped offset some of the revaluation losses which arose from the balance sheet position on same reason accounted under Net other operating income. The bank was also able to book some trading profits on its’ fixed income securities portfolio with the drop in market rates, containing the operating income reduction to 12%. The Bank considered the potential impact of the COVID‐19 pandemic on customers as well as the relief package introduced in the form of a debt moratorium by the government when assessing the impairment provisions. Additional impairment provisions were made for identified customer segments impacted due to COVID‐19 related developments, by assessing potential delays to the cash flow expectations based on currently available information. Operating expenses were curtailed by Rs. 528 Mn, a 10% reduction over last year. This is attributed to the various cost saving strategies & initiatives that in turn reduced the impact on the bottom line. Special focus on some of the large cost pools by respective Cost champions coupled with productivity and efficiency improvements were the main reasons for the savings. The Group remained strong as its Tier I Capital and Total Capital Adequacy ratios as at 30th June 2020 stood well above the regulatory levels at 12.74% and 16.75% respectively. With prevailing conditions, the CBSL reduced the Capital Conservation buffer by 0.5% with effect from 27th March 2020. The Statutory Liquid Asset Ratio (SLAR) for the Domestic Banking Unit and the Off‐Shore Banking Unit was at 30.82% and 24.31% respectively as at the reporting date. Despite the headwinds present in the operating environment the Bank will cautiously explore new business opportunities that may present itself from time to time. Further, the bank will continue to take relevant measures to curtail costs with various cost initiative strategies. The bank is also confident to endure any potential impact that may arise as a result of the current crisis supported by its strong capital base, healthy liquidity buffers and the robust risk management models that are in place. The bank also keeps a close tab on the developments in the operating environment to enhance growth with any opportunities available whilst supporting the government with the initiatives taken in reviving the economy. NATIONS TRUST BANK PLC INCOME STATEMENT Bank Group Six Months ended 30 June Quarter ended 30 June Six Months ended 30 June Quarter ended 30 June 2020 2019 Change 2020 2019 Change 2020 2019 Change 2020 2019 Change Rs. '000 Rs. '000 (%) Rs. '000 Rs. '000 (%) Rs. '000 Rs. '000 (%) Rs. '000 Rs. '000 (%) Gross Income 19,758,299 22,934,517 (14) 9,164,403 11,719,599 (22) 19,887,547 23,090,394 (14) 9,227,984 11,792,327 (22) Interest Income 17,041,439 20,072,183 (15) 7,995,931 10,195,801 (22) 17,041,604 20,072,567 (15) 7,996,000 10,195,966 (22) Less: Interest Expense (10,410,202) (12,291,204) 15 (5,123,970) (6,225,407) 18 (10,373,748) (12,257,293) 15 (5,106,033) (6,208,020) 18 Net Interest Income 6,631,237 7,780,979 (15) 2,871,961 3,970,394 (28) 6,667,856 7,815,274 (15) 2,889,967 3,987,946 (28) Fee and Commission Income 2,207,334 2,883,165 (23) 737,329 1,424,846 (48) 2,336,359 3,038,658 (23) 800,841 1,497,409 (47) Less: Fee and Commission Expense (136,351) (174,400) 22 (50,590) (103,857) 51 (136,352) (174,400) 22 (50,591) (103,857) 51 Net Fee and Commission Income 2,070,983 2,708,765 (24) 686,739 1,320,989 (48) 2,200,007 2,864,258 (23) 750,250 1,393,552 (46) Net Gains/(Losses) from Trading 534,656 (1,982,737) 127 75,310 26,007 190 534,656 (1,982,737) 127 75,310 26,007 190 Net Fair Value Gains/(Losses) on: Financial Assets at Fair Value through Profit or Loss 187,195 33,959 451 180,588 31,114 480 187,195 33,959 451 180,588 31,114 480 Financial Liabilities at Fair Value through Profit or Loss - - - - - - - - - Net Gains/(Losses) on Derecognition of Financial Assets: At Fair Value through Profit or Loss - - - - - - - - - At Amortised Cost - - - - - - - - - At Fair Value through Other Comprehensive Income - - - - - - - - - Net Other Operating Income/(Loss) (212,325) 1,927,947 (111) 175,245 41,831 319 (212,267) 1,927,947 (111) 175,245 41,831 319 Total Operating Income 9,211,746 10,468,913 (12) 3,989,843 5,390,335 (26) 9,377,447 10,658,701 (12) 4,071,360 5,480,450 (26) Impairment Charges/(Reversals) 1,224,678 1,845,074 34 460,238 1,319,753 65 1,225,817 1,845,085 34 461,286 1,319,990 65 Loans and Advances 1,325,665 1,824,457 27 505,719 1,335,914 62 1,325,665 1,824,457 27 505,719 1,335,914 62 Guarantees & Commitments (144,826) (56,297) 157 (69,908) (24,031) 191 (144,826) (56,297) 157 (69,908) (24,031) 191 Other Financial Assets 43,839 76,914 43 24,427 7,870 (210) 44,978 76,925 42 25,475 8,107 (214) Net Operating Income 7,987,068 8,623,839 (7) 3,529,605 4,070,582 (13) 8,151,630 8,813,616 (8) 3,610,074 4,160,460 (13) Less: Expenses Personnel Expenses 2,122,471 2,187,645 3 1,020,877 1,038,099 2 2,137,075 2,201,720 3 1,028,037 1,045,439 2 Depreciation of Property, Plant and Equipment 229,147 216,169 (6) 113,535 108,323 (5) 250,189 231,693 (8) 124,064 116,092 (7) Depriciation of Right of Use (ROU) Assets 256,387 300,750 15 129,998 146,625 11 211,501 257,960 18 107,555 125,230 14 Amortization of Intangible Assets 193,477 167,870 (15) 95,304 84,243 (13) 193,568 168,892 (15) 95,350 84,521 (13) Other Operating Expenses 1,987,565 2,434,714 18 701,399 1,222,086 43 1,997,828 2,458,523 19 705,712 1,232,724 43 Total Operating Expenses 4,789,047 5,307,148 10 2,061,113 2,599,376 21 4,790,161 5,318,788 10 2,060,718 2,604,006 21 Operating Profit before Taxes on Financial Services 3,198,021 3,316,691 (4) 1,468,492 1,471,206 (0) 3,361,469 3,494,828 (4) 1,549,356 1,556,454 (0) Less: Value Added Tax (VAT) on Financial Services 684,997 701,710 2 321,166 319,070 (1) 685,493 702,224 2 321,405 319,331 (1) Nation Building Tax (NBT) on Financial Services - 96,258 100 - 43,843 100 - 96,353 100 - 43,891 100 Debt Repayment Levy (DRL) - 383,134 100 - 174,212 100 - 383,134 100 - 174,211 100 Profit before Income Tax 2,513,024 2,135,589 18 1,147,326 934,081 23 2,675,976 2,313,117 16 1,227,951 1,019,021 21 Less: Income Tax Expense 890,024 859,661 (4) 418,118 359,362 (16) 923,490 899,060 (3) 434,494 377,870 (15) Profit for the Period 1,623,000 1,275,928 27 729,208 574,719 27 1,752,486 1,414,057 24 793,457 641,151 24 Profit Attributable to: Equity Holders of the Parent 1,623,000 1,275,928 27 729,208 574,719 27 1,752,486 1,414,057 24 793,457 641,151 24 Non-Controlling Interests - - - - - - - - - - - - Earnings Per Share Basic/Diluted Earnings Per Share (Rs.) 5.72 4.50 27 2.57 2.02 27 6.17 4.98 24 2.80 2.26 24 NATIONS TRUST BANK PLC STATEMENT OF COMPREHENSIVE INCOME Bank Group Six Months ended 30 June Quarter ended 30 June Six Months ended 30 June Quarter ended 30 June 2020 2019 Change 2020 2019 Change 2020 2019 Change 2020 2019 Change Rs.
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