Sri Lanka’s HNB net up 14-pct in Dec

ECONOMYNEXT – Profits at Sri Lanka’s Hatton National Bank grew 14 percent from a year earlier to 4.6 billion rupees in the December 2017 quarter, helped by reduced income tax charge, interim accounts show.

The group reported earnings of 9.42 rupees for the quarter. In the year to December HNB reported earnings of 35.50 rupees per share. The stock closed at 197.50 rupees per share Thursday, up 5.70 rupees.

Group interest income grew 13 percent to 26.7 billion rupees, interest expense grew at a faster 18 percent to 15.2 billion rupees and net interest income grew 8 percent to 11.5 billion rupees.

The group made a 3.42 billion rupee specific loan loss provision and reversed a 2.5 billion rupee general provision, for the quarter.

Net fee and commission income grew 7 percent to 2.3 billion rupees. (Colombo/Feb22/2018)

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