Sri Lanka’s HNB profits up 7-pct in Sept quarter
Dec 22, 2014 (LBO) – Sri Lanka’s Hatton National Bank’s profits rose 7 percent in the September 2014 quarter from a year earlier to 2.51 billion rupees, helped by falling interest expenses, interim results showed.
HNB reported earnings of 6.28 rupees for the quarter and 15.4 rupees for the nine months to September on total profits of 6.1 billion rupees, which were up 7 percent.
Interest income fell 11 percent to 12.6 billion rupees and interest expenses fell at a faster 17 percent to 6.5 billion rupees, but net interest income also fell 5 percent to 6.1 billion rupees.
The group reversed general provisions of 320 million rupees compared to provisions of 551 million rupees a year earlier. Specific loan loss provisions were 86 million rupees, compared to a reversal of 190 million rupees a year earlier.
Loans growth was up a single digit 4 percent during the nine months to 367 billion rupees. Financial investments available for sale rose 37 percent to 87.4 billion rupees.
Deposits also grew 5 percent to 405 billion rupees.
Fee and commission income rose 9 percent to 1.09 billion rupees.
Gross assets grew 9 percent to 571 billion rupees and net assets grew 10 percent to 63.4 billion rupees.