Sri Lanka, Aug. 14 -- Nations Trust Bank PLC's profit in the second quarter (2Q) more than doubled as earnings benefited from the acquisition of HSBC Sri Lanka's retail banking business and a one-off tax credit, while lending and deposits expanded sharply following the transaction.

Group profit for the three months ended June 30 rose 133 percent to Rs. 10.99 billion from Rs. 4.71 billion a year earlier, according to the bank's interim financial statements. Profit before tax, however, increased just 1 percent to Rs. 7.46 billion, highlighting the significant contribution from the tax benefit to bottom-line growth. The group recorded an income tax credit of Rs. 3.52 billion for the quarter, compared with a Rs. 2.66 billion tax expense a y...