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Sri Lanka's HNB's profits flat in June quarter

Aug 14, 2017 19:58 PM GMT+0530 | 0 Comment(s)

Sri Lanka's HNB's profits flat in June quarter

ECONOMYNEXT - Profits at Sri Lanka's Hatton National Bank group, which has an insurance unit edged up 2 percent to 3.4 billion rupees in the June 2017 quarter, amid higher loan loss provisions.

The group reported earnings of 8.05 rupees per share for the quarter. In the six month so June the group reported earnings of 17.09 rupees per share.

Interest income rose 33 percent to 28.5 billion rupees, and interest expenses rose at a faster48 percent and the bank grew net interest income 17 percent to 11.2 billion rupees.

Net fee income rose 26 percent to 2.3 billion rupees. Trading losses narrowed 45 percent to 1.4 billion rupees with forex swap costs falling, the bank said.

Insurance premium income rose 18 percent to 1.49 billion rupees.

Specific loan losses rose to 529 million rupees from a reversal of 65 million rupees last year. General provisions were increased to 545 million rupees from 123 million and other impairments rose to 417 million rupees from 3.6 million.

At bank level, loans grew 7 percent to 627 billion rupees and deposits grew 8 percent to 672 billion rupees.

Financial investments - available for sale fell 4 percent to 85.9 billion rupees.

Group gross assets grew 7 percent to 967 billion rupees in the six months to June. (Colombo/Aug14/2017)


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