HNB shows resilience under difficult conditions
View(s):In the backdrop of turbulent market conditions, Hatton National Bank PLC continued to demonstrate resilience, strength and stability, posting a profit before tax (PBT) of Rs.5.9 billion and a profit after tax (PAT) of Rs.4.8 billion for the first quarter of 2022 recording a Year-on-Year (YoY) growth of 7 per cent and 3 per cent respectively. At group level PBT and PAT were Rs.6.4 billion and Rs.5.4 billion, respectively.
Commenting on the first quarter performance, Mrs Aruni Goonetilleke Chairperson of Hatton National Bank PLC, said: “As Sri Lanka goes through unprecedented times, HNB has yet again demonstrated resilience. At this critical time, I wish to reiterate our commitment to all our stakeholders.”
The significant devaluation of the rupee as at March 2022, compared to the previous year, resulted in trading gains of approximately Rs.7.5 billion in 1Q 2022, the bank said in a media release. The bank also, booked an impairment of Rs.7.4 billion against the impact of the currency devaluation on foreign currency denominated loans and investments, which was set-off against the position revaluations.
Considering the significant volatility in macro-economic factors in 1Q 2022, the bank recognised a higher impairment charge of Rs.13.4 billion. This included an impairment of Rs.6.7 billion on account of investments in foreign currency denominated government securities, subsequent to the announcement made by the Central Bank in relation to suspending the repayment of external foreign currency debt obligations of the Government and the sovereign rating downgrade.
Jonathan Alles, Managing Director / Chief Executive Officer of Hatton National Bank PLC, said:, “Sri Lanka has been travelling through a tough terrain over the past few years commencing from adverse weather conditions experienced in 2017-2018 to, unfortunate Easter Sunday attacks in 2019 and then the most unprecedented COVID-19 pandemic which impacted the entire globe. The banking sector of Sri Lanka and HNB has weathered these challenges and emerged strong and stable.”
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