HNB Group records Rs.16.2 bn in 6-mths PAT
View(s):Hatton National Bank PLC has posted a profit before tax (PBT) of Rs.25.8 billion and a profit after tax of Rs.15.4 billion during the six months ended June 2024. The group recorded a consolidated
PBT and PAT (profit after tax) of Rs.27 billion and Rs.16.2 billion, respectively for the period.
Commenting on the performance, its Chairman Nihal Jayawardene stated that Sri Lanka has come a long way since the devastating economic crisis, and has taken steady steps towards stabilisation. “While uncertainties and challenges prevail, we reiterate our commitment to deliver sustainable growth for all our stakeholders,” he added in a media release.
The bank’s
interest income recorded a YoY decline of 24.2 per cent during the first six months, owing to the sharp drop in AWPLR by over 10 percentage points from 19.47 per cent to 8.78 per cent over the 12-month period up to 30th June 2024.
Interest expense declined at a similar pace, resulting in a 23.1 per cent YoY drop in net interest income to Rs.45.6 billion. Bank’s fee and commission income grew by 5.5 per cent YoY to Rs.8.6 billion primarily fueled by card and digital channel transactions. While the foreign exchange transactions were encouraging, the marginal appreciation of the Sri Lankan rupee against the US dollar during the period resulted in the bank having to record an exchange loss of Rs.1.3 billion for the six months.
Total impairment charge was Rs.1.5 billion for the 6 months ended June 2024. HNB’s asset quality remained above the industry levels, with net stage 3 ratio at 4.09per cent and stage 3 provision cover at 56.1per cent.
Damith Pallewatte, Acting CEO of the bank, said: “Our performance during the first half underpins the concerted efforts on key areas. In the backdrop of narrowing margins, our focus on CASA (current account savings accounts) has enabled us to partly cushion the impact. Commitment and meticulous efforts in supporting business revival of our customers has yielded positive results. The demand for loans, which was subdued, indicated signs of recovery especially in the second quarter.”
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