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Sri Lanka’s HNB June 2020 quarter net down 29-pct

ECONOMYNEXT – Profits at Sri Lanka’s Hatton National Bank group fell 29 percent to 2,1 billion rupees as the bank recognized interest losses on a moratorium and fee income also fell, interim accounts show.

The group reported earnings of 4.14 rupees per share for the quarter. In the six months to June HNB reported earnings of 10.1 rupees on total profits of 5.1 billion rupees which were up 5 percent.

Net interest income fell 14 percent to 12.5 billion rupees as interest income fell 10 percent to 28.7 billion rupees and expense fell at a slower 7.0 percent to 16.1 billion rupees.

Loans fell 1 percent to 760 billion rupees from December to June 2020.

HNB provided 4.6 billion rupees in impairment provisions, up from 2.4 billion rupees last year.

Gross non performing loans grew to 6.4 percent by June 2020 from 5.91 percent in December.

Deposits grew 6 percent to 889 billion rupees.

Financial assets trading grew to 183 billion rupees from 133 billion rupees.

Trading gains were a positive 246 million rupees from a 1.4 billion loss last year.

HNB group which also has an insurance unit reported 1.9 billion rupees in premium income flat from a year earlier and 1.5 billion rupees in claim and benefits slightly lower from 1.68 billion rupees last year.

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Gross assets grew 4 percent to 1,243 billion rupees from December to June. Net assets grew 3 percent to 150 billion rupees.

Tier I capital grew to 15.2 percent by June 2020 from 14.57 percent in December and total capital adequacy grew to 19 percent from 18.2 percent. (Colombo/Aug18/2020)