HNB records Rs. 8.6 bn PAT in 1H 2023
View(s):Hatton National Bank PLC continued its steady performance in Q2 2023, posting a 1H 2023 Profit before Tax (PBT) of Rs. 13.6 billion, while 1H 2023 Profit after Tax (PAT) stood at Rs. 8.6 billion, growing 56 per cent YoY. Meanwhile, the group made a consolidated PBT and PAT of Rs. 15.2 billion and Rs. 9.8 billion respectively, the bank said in a media release.
Commenting on the performance, Nihal Jayawardene, Chairman of Hatton National Bank PLC, stated that, “The latest quarter underscored the Sri Lankan economy displaying signs of normalisation, with inflation moderating, interest rates gradually pulling down, and the Rupee appreciating. Moreover, the announcement of the much-awaited Domestic Debt Optimisation (DDO) plan and the resulting clarity, marked a significant step towards settling the qualms surrounding the debt restructuring programme and its potential impact on the banking sector.”
Although interest rates tapered off towards the latter part of Q2 2023, 1H 2023 rates still remained relatively higher when compared with the corresponding period in 2022, enabling the bank to report a net interest income of Rs. 59.3 billion in 1H 2023, up 48 per cent YoY. Additionally, net fee and commission income grew by 12 per cent YoY to Rs. 8 billion, driven by increased activity in cards, remittances, trade and digital platforms.
On the back of improved foreign inflows and the consequent rising dollars in circulation, the Rupee appreciated by around 15 per cent YoY in the first six months of 2023. Currency volatility caused the bank to record a net exchange loss of Rs. 3.8 billion for 1H 2023, primarily stemming from revaluation losses of FCBU retained earnings.
Jonathan Alles, Managing Director and Chief Executive Officer of Hatton National Bank PLC stated that, “We are pleased to see the positive developments on the country’s macroeconomic front and HNB’s solid performance in the first six months of this year. We commend the government’s DDO plan – which insulated the banking sector from any reprofiling of Treasury Bills or Bonds. This in turn enables banks, inundated with mounting credit impairment and higher taxes, to use much needed capacity in supporting the revival of key sectors and the broader economy.”
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