Digital sales grow at Sri Lankaâ€™s Hatton National Bank
ECONOMYNEXT – Sri Lanka’s Hatton National Bank (HNB) said revenues from digital payments were growing as customers shifted to online platforms while traditional fee and commission income was going down.
“Fee and commission income growth of 17.9% was strongly supported by growth in fee income from digital payments and channels and trade, as business verticals worked together to maximise cross sell opportunities,” the bank said in its 2017 annual report.
Revenues from digital payment platforms and channels including cards business accounted for 30% of the total net fee and commission income of Rs 8.3 billion in 2017.
Customers were migrating to digital platforms for transactions across retail and corporate customer segments in view of the convenience offered, the bank said.
“This compensated for declining fee and commission income from guarantees and loans and advances. Net fee and commission income accounted for 17.3% of net interest, fee and commission income, increasing marginally from 2016.”
(COLOMBO, March 06, 2018)