Hatton Profits

Aug 13, 2011 (LBO) – Sri Lanka’s Hatton National Bank group’s net profit for the June 2011 quarter rose 6 percent to 1.29 billion rupees from a year earlier, amid tighter net interest growth, while revenues grew 6 percent to 10.1 billion rupees. Group loan loss provisions were a 73 million write back for the quarter. Non-performing loans rose 21 percent to 13.3 billion rupees from December 2010.

HNB group gross assets rose 11 percent to 323 billion rupees and net assets rose 4 percent to 31.2 billion rupees.

The lender reported earnings of 3.62 rupees for the quarter and 7.03 rupees for the six months to June. The stock closed at 220 rupees Friday, up 12 rupees.

Group interest income grew 5 percent to 7.93 billion rupees and interest expenses grew at a faster 7 percent to 3.98 billion rupees and net interest income grew at a slower 2 percent to 3.95 billion rupees, interim accounts said.

Total performing loans grew 19 percent to 233 billion rupees from December 2010.

Fee income grew 8 percent to 2.1 billion rupees with forex earnings rising 5 percent to 251 million rupees and unspecified other income rising 9 percent to 6.12 billion rupees.

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