Sri Lanka’s HNB profits up 93-pct in Dec 2014 on credit growth, fees

COLOMBO (EconomyNext) – Profits at Sri Lanka’s Hatton National Bank group rose 93-pct from a year earlier to 3.6 billion rupee in the December 2014 quarter, helped by stronger loan growth and fee income, interim accounts show.

The bank reported earnings of 9.04 rupees per share. In the year to December it reported earnings of 24.30 rupees on total profits of 9.8 billion rupees, which grew 28 percent.

HNB closed down 2.30 at 233.00 rupees Thursday.

Interest income fell 10 percent to 13.1 billion rupees, but interest expenses fell at a faster 23 percent to 6.0 billion rupees, allowing net interest income to grow 7 percent to 7.09 billion rupees.

In the year to December loans grew 14 percent to 401 billion rupees with most of the growth coming in the last quarter. Up to September loan growth was only 4 percent. Deposits also grew 10 percent to 425 billion rupees.

Loan loss provisions of 502 billion rupees were exceeded by a 560 million rupee reversal of general provisions.

Fees and commission income rose 37 percent to 1.45 billion rupees and there were also gains on financial investments of 383 million rupees.

Group gross assets rose 15 percent to 600 billion rupees and net assets rose 18 percent to 67.9 billion rupees.

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