HNB Group shows resilience, strength and stability
View(s):Hatton National Bank PLC (HNB) demonstrated resilience and a focus on sustainable business performance as it posted Rs. 13.7 billion in group Profit After Tax during 2020, a year filled with unprecedented circumstances and challenges. Bank level Profit After Taxes amounted to Rs. 11.5 billion.
Commenting on the performance, Chairman of HNB Dinesh Weerakkody said: “2020 has been a year unlike any other in recent memory as the COVID-19 pandemic transformed the socioeconomic landscape dramatically, elevating uncertainty and risks at every level, both locally and globally. We proved our ability to adjust rapidly as we leveraged technology and adapted to the new normal, sharing the responsibility to stay safe as well as keep our communities safe and empowered.” In a media release, he added that, “even before the onset of the pandemic, our economy was adversely affected due to the Easter Sunday bombings of 2019. The onset of the pandemic aggravated our economic woes, straining cash flows, at individual, entity and national levels while paving the way for a disruptive transformation that vaulted us to a new era of exciting possibilities. At HNB, we have reset our agenda and will continue to do so going forward, embedding the new-found speed and agility into our ways of working and identify the best ways to respond, making sure we sustain such best practices in our operations. Unlike ever before, we, as a leading bank, have a crucial role to play in the task of restoring and supporting the livelihoods of our communities.”
Jonathan Alles, Managing Director/CEO of the Bank commenting on the performance, said: “In the wake of the COVID-19 pandemic, we reprioritised our focus to ensure that we navigate the uncertainties and risks effectively to safeguard the interests of all our stakeholders. Health and safety, business sustainability and supporting the customers in need were at the core.”
He added that “our dedicated team of 4,800+ members rallied around together to provide the much needed financial relief and banking needs despite lockdowns. During the first phase we provided debt moratoria to customers covering approximately 40 per cent of our loan book. With lockdowns being limited to few localities during the second wave of the pandemic and most industries recommencing their operations, the moratoria extended under the second phase has reduced to approximately 15 per cent of the loan book which is a positive sign for the economy. We also extended working capital finance of over Rs. 24 billion to affected sectors at concessionary interest rates under the Central Bank relief scheme and set up a Rs. 5 billion fund through our own funds to support SMEs. A microfinance grant of Rs. 20 million was also distributed among 200 needy customers. Apart from financial relief we facilitated customer transactions without any disruption, through our branches, digital channels and payment solutions such as SOLO, MOMO, IPG and Appigo.”