Financial Times

HNB net profit up sharply

Half year results released recently on Hatton National Bank shows an impressive performance by the bank recording an income of Rs 17.6 billion, up 30% from the corresponding period last year.
“This impressive growth is ample testimony for the resilience of the Bank to the less than conducive economic conditions prevailing in the country,” a statement from the Bank said.

Post tax profit was Rs 1.6 billion, up from Rs 964 million earlier. Financial VAT and Corporate Taxes increased by 41% and 33% respectively, compared to the first half of 2007 to reach Rs 863 million and Rs 707 million. Taxation has and will continue to pose a challenge to the banking industry to sustain growth in profitability, HNB said.

HNB’s net interest income grew steadily to Rs 6 billion while non interest income grew by 39% to Rs 2.3 billion. During the 1st half 2008, the entire operating expenses bill was comfortably met by the net interest income from core banking activities, the Bank said.The Bank’s provision for bad and doubtful debts decreased by 29% to Rs 424 million during the first half of 2008 compared to the same period of 2007.

As at the end of the 1st half of 2008, the Bank has built up the statutory general provision stipulated by CBSL to 0.87% leaving the bank adequate comfort in meeting the requirement of 1% by end of March 2009.

HNB’s total assets currently stand at Rs 239 billion, indicating a 3% growth during the first half of 2008.

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