Mar 03, 2016 (LBO) – Group profits at Sri Lanka’s Hatton National Bank rose 10 percent to 11 billion rupees in 2015, supported by profit after tax of 10.5 billion rupees, its annual report showed.
The bank’s profit before VAT and tax improved to 17.9 billion rupees, whilst profit after tax surpassed 10 billion rupees during the year.
Both advances and deposits increased by over 100 billion rupees, the highest in the Bank’s history whilst the non performing advances (NPA) ratio improved to 2.43 percent, the lowest over the past few decades.
The bank said that this NPA has been achieved whilst attaining a loan growth of over 25 percent with the proactive efforts and commitment of recovery teams.
The NPA is also one of the lowest in the industry, below the industry average of 3.2 percent as at end 2015.
All key business segments has made better contributions to growth, with the loan book of corporate banking business growing by 30 percent, SME sector by 25 percent, micro finance sector by 35 percent, personal loans by 67 percent and leasing by 65 percent.
The bank said in the medium to long term, they look to expand into other regional markets such as South and East Asia and establish HNB as a financial services provider with a strong regional influence.