Sri Lanka’s HNB net down 6-pct in June 2015

ECONOMYNEXT – Profits at Sri Lanka’s Hatton National Bank fell 6 percent to 2.3 billion rupees in the June 2015 quarter from a year earlier, amid higher operating expenses, despite gains in net interest income and fees, interim accounts showed.

HNB group reported earnings of 5.90 rupees for the quarter. In the six months to June the group reported earnings of 10.66 rupees per share, with profits up 18 percent to 4.3 billion rupees.

The stock closed at 227.80, up 1.50 on Wednesday.

Fee and commission income rose 19 percent to 1.3 billion rupees. Other operating income rose 26 percent to 2.0 billion rupees.

Operating expenses rose 17 percent to 5.5 billion rupees.

Interest income grew 04 percent to 13.9 billion rupees, interest expenses fell 9 percent to 6.4 billion rupees, and net interest income grew 17 percent to 7.4 billion rupees.

HNB said loans grew 8 percent to 434 billion rupees in the six months to June.

Financial assets available for sale grew 25 percent to 86.9 billion rupees. Financial investments – loans and receivables grew 70 percent to 66.2 billion rupees.

In the March quarter the group posted a 645 million book loss on the available for sale assets as interest rates rose, which was a gain of 402 million rupees in the June quarter.

Loan loss provisions rose to 866 million rupees in the June quarter from 683 million rupees a year earlier.

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Customer deposits grew 10 percent to 468 billion rupees. (Colombo/Aug13/2015)

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