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HNB posts Rs 4.3 billion profit in first half Vote_lcap16%HNB posts Rs 4.3 billion profit in first half Vote_rcap 16% [ 43 ]
HNB posts Rs 4.3 billion profit in first half Vote_lcap21%HNB posts Rs 4.3 billion profit in first half Vote_rcap 21% [ 57 ]
HNB posts Rs 4.3 billion profit in first half Vote_lcap30%HNB posts Rs 4.3 billion profit in first half Vote_rcap 30% [ 83 ]
HNB posts Rs 4.3 billion profit in first half Vote_lcap34%HNB posts Rs 4.3 billion profit in first half Vote_rcap 34% [ 93 ]

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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » HNB posts Rs 4.3 billion profit in first half

HNB posts Rs 4.3 billion profit in first half

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Hatton National Bank PLC posted a strong performance in the first half of 2015 with profit after tax increasing by 27.5% to Rs 4.3 bn
The total assets increased by 19.0% YOY to Rs 635.2 billion.
HNB Managing Director and CEO, Jonathan Alles said HNB has continued its robust performance notwithstanding a lacklustre macro economic environment, stifled business and investment climate challenging the national and corporate growth aspirations.
"Our drive in digital banking, sales orientation, process optimization and efficiency together with increased focus on improving asset quality and productivity has enabled the Bank to forge ahead and record this impressive performance for first half of 2015," he said. "It is envisaged that a strong economic and development strategy will be put forward supported by an enabling budget that would propel the nation with development plans laid out to stimulate and grow existing and new industries while containing bureaucracy and wastage leading to more opportunities for all Sri Lankans,"Alles said.
The Bank was able to grow its 'Net Interest Income' by 3.9% to LKR 12.9 Bn in a low interest environment driven by the growth in CASA deposits by 28.6% YOY. The impact on interest income from the decline in rates was mitigated largely by a 21.4% growth in the loan book YOY with interest income falling by only 7.2% compared to the corresponding period last year. Net income from 'Fees and Commissions' grew by 11.4% to LKR 2.7 Bn to compliment the growth in NII and was derived mainly from credit cards, remittances and trade finance. Trading, investment and Other Operating Income collectively declined by 22.6% largely due to an extraordinary income of approximately LKR 900 Mn being received in 2014 on account of sale of shares in VISA and Master. The decline was to an extent offset by dividend income and revaluation gains on foreign exchange positions resulting in 'Other Operating Income' increasing by 96.6% to LKR 1.6 Bn.

Impairment costs decreased significantly by 47.3% from 2014 and was mainly on account of interest write off on pawning advances being only LKR 25 Mn as against LKR 1.7 Bn recorded in the corresponding period last year. However, individual impairment costs which constitute a component of the total impairment charge increased by LKR 328.5 during this year.
The Bank improved its NPA ratio to 3.24% at the end of Q2, compared to 4.06%in the corresponding period last year and 3.62% recorded in 1Q 2015. The Bank has reaped the benefits of cost optimization and process improvement initiatives implemented over the past 12 months with operating costs increasing by only 4.9%. 
Courtesy: Daily News 13 August 2015

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