Hatton National Bank March profits up 41-pct
ECONOMYNEXT – Profits at Sri Lanka’s Hatton National Bank group rose 41 percent from a year earlier to Rs3.3 billion in the June 2016 quarter, amid rising rates, interim accounts show.
The bank reported earnings of Rs8.56 per share for the quarter. For the six months to June, the group reported earnings of Rs16.97 per share on total profits of Rs6.6 billion, which was up 55 percent.
Interest income grew 39 percent to Rs19.3 billion in the June quarter and interest expenses increased at a faster 53 percent to Rs9.8 billion, but the bank also grew net interest income 28 percent to Rs9.5 billion.
Loans to customers grew 6 percent to Rs536 billion in the six months to June. Financial investments available for sale, where government securities are classified, grew 29 percent to Rs102 billion.
Customer deposits grew 6 percent to Rs567 billion.
Specific provisions were a write back of Rs35 million during the quarter, against a Rs205 million provision last year; general provisions was also lower at Rs93 million against Rs544 million a year earlier.
Net fee and commission expenses grew 27 percent to Rs11.36 billion.
The group showed a Rs2.6 billion loss from trading up from Rs574 million a year earlier.