HNB continues to deliver sustainable results
View(s):Hatton National Bank PLC (HNB) has demonstrated resilience and focus on sustainable business performance as it posted Rs. 15.7 billion in Group Profit After Tax during 2022, a year marked
by extraordinary circumstances
and challenges.
Chairperson of HNB PLC, Aruni Goonetilleke said: “The year under review was unprecedented, with a combination of economic stress, social unrest, and political instability which resulted in systemic shocks affecting all Sri Lankans and sectors of the economy and the banking industry in particular. Consequently, HNB remained vigilant, carefully recalibrating its priorities to maintain stability whilst supporting customers and keeping stakeholders closely engaged as the crisis unfolded. This focus is clearly affirmed by our performance”.
The bank’s interest income increased by 110.0 per cent YoY to Rs.207 billion, primarily due to the increase in average AWPLR during the year by over 14 percentage points, consequent to the Central Bank’s restrictive monetary policy to arrest the inflationary pressure in the economy.
Pursuant to the announcement on suspending repayment of foreign currency debt by the government of Sri Lanka, HNB on a prudent basis recognised an impairment charge of Rs. 59 billion in 2022 on account of its investments in foreign currency denominated government securities. Accordingly, the total impairment charge for the year increased to Rs. 90 billion by nearly five-fold.
The bank recorded a Profit After Tax (PAT) of Rs. 14 billion compared to
Rs. 17.3 billion recorded in 2021 while the group recorded a PAT of Rs. 15.7 billion compared to Rs. 20 billion in 2021.
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