However, the bank
quote s net profits picked up 34 percent to Rs. 174.67 mn in 2002, as against Rs. 129.98 mn in the corresponding period, HNB said Wednesday.
quote s largest private bank saw its group revenues fall 7 percent to Rs. 5.66 bn from Rs. 5.94 bn during the period under review. On the other hand, bank revenues dipped 5 percent to Rs. 5.53 bn.
rnrnldblquote Revenue adjustment that have to be made on account of the inter company transaction resulted in the group profits being less than that of the company,
dblquote Chief Executive, Rienzie T Wijetillake told shareholders.
rnrnInterest expenditure rose 15 percent to Rs. 3.29 bn, while bad debts provisions increased by 3 percent to Rs. 252.84 mn.
rnrnWijetillake said the prevailing low interest rate scenario helped the bank to lower its interest expenses leading to a 34 percent increase in net interest income of Rs. 1.29 bn.
rnrnThe period under review saw the Central Bank lower its benchmark rates several times and the market