However, interest expenses grew by 162% as the funding mix has been repriced at higher rates, resulting in high cost of funding and led to 53% decline in net interest income by Rs. 21.2 billion compared to 1Q-2022.

Net fee and commission income amounted to Rs. 4.4 billion with 13% growth mainly backed by increase in commission income from card related transactions and travel and remittance related services.

Income from trading and investment activities and other operating income resulted in a negative note due to exchange loss reported during 1Q-2023 in line with the 10% rupee appreciation.

Chairman Ronald C. Perera said, “The bank concerted efforts on supporting the customers to revive through the never expected economic turmoil will be continued to ensure the survival of their businesses.