HNB records Rs. 6.9 bn PAT in Q1 2023
View(s):Hatton National Bank PLC, following a turbulent year marred by the country facing its most profound economic crisis post-independence, made a resilient start to 2023, posting a Profit before tax (PBT) of Rs.10.7 billion, up 80 per cent YoY, while Profit after tax (PAT) stood at Rs.6.9 billion in the first quarter, growing 42 per cent YoY. The group made a consolidated PBT and PAT of Rs.11.3 billion and Rs.7.3 billion respectively.
Commenting on the first quarter performance, Aruni Goonetilleke, Chairperson of Hatton National Bank PLC, stated: “Despite the country still reeling from last year’s economic, social and political disruptions, the bank recorded a solid performance for the first three months of 2023, reflecting our steadfast focus, prudent decision making and agility in the face of changes. Although uncertainties prevail, the positive developments on the country’s macroeconomic front are encouraging, and I would like to reiterate our unwavering commitment to safeguarding the interest of our stakeholders and supporting the economic recovery.”
A media release from the bank said that relatively high interest rates compared to Q1 2022, facilitated the bank to report a net interest income of Rs.31.6 billion during 1Q 2023, reflecting an 87 per cent YoY growth.
The positive sentiments brought on by the IMF programme and the improved foreign exchange liquidity, gave way to a part relaxation of foreign exchange controls. This led to the appreciation of the Sri Lankan Rupee by approximately 10 per cent during the 3 months up to March 2023. This resulted in the bank recording a net exchange loss of approximately Rs.2 billion for the quarter due to revaluation losses.
Having made significant provisions on account of impairment in 2022, the bank made a total impairment of Rs.11.4 billion for the quarter. This consisted of impairment on loans and advances and other off-balance sheet exposures of Rs.6.7 billion and impairment of Rs.4.7 billion on foreign currency denominated government securities.
Jonathan Alles, Managing Director/CEO of Hatton National Bank PLC noted: “In the current backdrop, our prime focus has been on managing asset quality, capital and liquidity levels. The success of our delivery is reflected in our above par indicators.”
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