Steady Pace

November 14, 2006 (LBO) – Hatton National Bank Ltd, Sri Lanka’s second biggest privately owned lender by assets, Tuesday said group net profits rose to 580.60 million rupees for the third quarter ended Sept. 30, up from 35 percent reported in the same period 2005. Hatton National Bank, which is active in leasing, corporate finance, insurance and stock and money broking, said the results helped lift nine months results to 1.35 billion rupees, up 27 percent from the previous year.

Total income in the June-Sept period expanded by 26 percent to 5.92 billion rupees, while net interest income rose 27 percent to 846.32 million rupees.

The bank said provisioning for bad and doubtful debts declined 76 percent to 93.69 million rupees. The bank’s asset base grew 12 percent to 187.19 billion rupees, while its deposit base rose 9 percent to 141.06 million rupees during the third quarter of this year, the statement said.