Hatton Profits

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May 08, 2007 (LBO) – Hatton National Bank’s group net profit grew 33 percent to 344 million rupees with a strong 46 percent growth in foreign exchange earnings bringing in 246 million rupees, its March quarter accounts released Tuesday showed. The interest income grew to 5.7 billion rupees from 4.2 billion.

At bank level, net profit after tax grew to Rs 315 million from Rs 260 million.

The bank’s interest expense rose 39 percent to three billion rupees.

The profits came despite a higher provision for bad debts of Rs 435 million compared with Rs 195 million in the first quarter of last year.

The financial VAT took 306 million off bank profits.

At group level income taxes took away 50 percent or 239 million rupees.

Revenue grew by 33 percent to Rs 6.8 billion

Total advances of the bank grew by seven percent to 145 billion rupees with group assets growing by four percent to 216 billion rupees.

Deposits increased by three percent to 154 billion during the period.

Meanwhile the group’s total assets grew four percent to 216 billion rupees with loans and advances growing by seven percent to 136 billion rupees.

The bank’s net assets grew by five percent to 206 billion rupees.

The results ha