Mar.06 (LBO) – Sri Lanka’s Hatton National Bank said Monday that it posted a 134 percent growth in post tax profits for the full-year ended December 2005. Group net profit for the full-year was Rs. 1.77 billion over Rs. 755 million reported in 2004 below market expectations of Rs. 2.0 billion.
Net profits for the bank were up 69 percent to Rs.1.65 billion, HNB said in a statement to shareholders.
HNB’s group revenues for the full-year rose 26 percent to Rs.18.30 billion.
In 2004, we committed to implement selected strategies designed to meet the set of challenges we identified as critical for delivering superior value to our Stakeholders, Managing Director Rajendra Theagarajah said adding that the management team has delivered results with ˜extraordinary vigour’.
Sri Lanka’s largest private commercial bank kept a tight lid on expenses while other income (mainly from subsidiaries) grew to Rs. 1.2 billion for the full-year 2005.
Total deposits of the Group rose eight percent to Rs. 128 billion.
HNB also has interest in insurance, primary dealing and stockbroking.