ECONOMYNEXT – Profits at Sri Lanka’s Hatton National Bank, which also has an insurance unit grew 2 percent to 7.2 billion rupees in March 2024, helped by lower provisioning and its insurance unit, interim accounts show.
The reported earnings of 12.61 rupees for the quarter.
Net interest income at standalone bank level fell 30 percent to 21.9 billion rupees in the quarter the March 31, while interest income fell 20 percent to 60.2 billion rupees and interest expenses fell at a slower 13 percent to 38.2 billion rupees.
Hatton National Bank group net interest income was 25 billion rupees.
Customer loans were down 3 percent to 930 billion rupees. Debt and other instruments were up 19 percent to 549 billion rupees.
Impairment charges were 1.3 billion rupees, down from 11.3 billion last year.
Net fee and commission income was down 3 percent to 4.10 billion rupees.
Losses from trading was 4.1 billion rupees down from 7.2 billion rupees last year.
Insurance premium was 4.3 billion rupees, up 14 percent. Benefit and claims were 4.7 billion rupees, up 7 percent.
Group gross assets were up 1 percent to 2,063 billion rupees. Group net assets up 5 percent to 42.8 billion rupees.
Tier I capital was 14.48 percent, and total capital was 18.06 percent against required 9.5 percent to 13.5 percent.
“The Bank has provision to draw down further up to 250 bps on the capital conservation buffer under the concessions granted by the Central Bank of Sri Lanka,” the bank said. (Colombo/May15/2024)