HNB Grameen reported a remarkable performance during the first half of 2016. For the period under review, the Company’s pre-tax profits grew by 26.64% to Rs. 1,080 million from Rs. 852 million.
The post-tax profits increased by 28.6% to Rs. 674 million from Rs. 524 million in the corresponding period of the previous financial year. Net Interest income grew by 27.16% to Rs. 1.7 billion from Rs. 1.3 billion in the previous six months while revenue grew by 33.3% to Rs. 2.7 bn from Rs. 2 bn in the similar period last year. The Company’s loans and advances grew by 50% to Rs. 11.9 bn from Rs 7.9 bn. HNB Grameen’s NPA ratio increased marginally to 1.12%. This increase was due to the highly competitive market environment, slowing economy, an exponential growth experience in credit.
Chairman of HNB Grameen and Managing Director/CEO of Hatton National Bank PLC, Jonathan Alles said, “During the last 12 months we have grown our loan book by 50% providing financing needs to many thereby helping themimprove their livelihood.”
HNB Grameen throughout its tenure of operation has generated a robust growth in its financial performance. The Company’s deposit base grew by 36.19% to Rs. 11.8 billion crossing the Rs. 10 billion mark in the period of review, while savings deposits increased by 53.39% to Rs. 1.9 billion from Rs 1.2 billion in the similar period affirming the trust amongst our depositors. During the year the Company repositioned the Yalu Savings with the introduction of attractive gift schemes to inculcate and encourage the savings habits of the young generations. Managing Director /CEO of HNB Grameen, Chaminda Prabhath said, “I am happy with the steady progress the company has made in terms of profits and revenue. This was possible due to some of the strategic initiatives taken during the previous year such as a new core banking system which improved the operational efficiencies of the company and the diversification of the product range coupled with the strong HNB brand supported the company in posting a healthy financial performance.”