HNB strengthens governance structure
View(s):Hatton National Bank PLC (HNB) recorded a Profit Before Tax (PBT) of Rs. 9.8 billion during the first quarter of 2024 while Profit After Tax (PAT) amounted to Rs. 6.2 billion. At group level, PBT and PAT were at Rs. 11.2 billion and Rs. 7.4 billion, respectively.
The substantial monetary policy loosening adopted by the Central Bank to revive the economy, resulted in a drop in AWPLR (average prime lending rates) by 50 per cent from 21.40 per cent to 10.69 per cent during the 12-month period up to March 2024. This caused interest income to decline by 20 per cent YoY to Rs. 60.2 billion, the bank said in a media release.
The bank also provided sizable interest rebates to support the most vulnerable sectors of the economy. As a result, the net interest income declined by 30 per cent YoY during 1Q 2024.
Commenting on the performance, Nihal Jayawardene, Chairman of Hatton National Bank PLC, said: “We are pleased to note that the country is making strong and steady progress in its recovery path as reflected in macro-economic indicators. I believe that the external debt restructuring programme would also be concluded soon, safeguarding the interest of the banking sector, enabling to bolster the country’s growth prospects.”
He also said HNB has further strengthened its governance structure with the appointment of three prominent leaders to the Board and Damith Pallewatte assuming duties as the Acting CEO of HNB in April 2024.
Damith Pallewatte, Acting CEO-HNB said that “HNB’s performance during the quarter was largely in line with movement in macro variables. The significant reduction in interest rates resulted in interest margins being narrowed while the appreciation of the rupee led to our on-balance sheet positions being revalued.”
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