HNB continued its trailblazing performance in 2016 with the Group’s nine month PAT growing by 54.2% to exceed Rs 11 billion.
Group performance mirrored that of the bank which reported an increase of 52.6% Year-on-Year (YoY) in profit before VAT and taxes to Rs 17.3 billion and an increase in PAT by 48% YoY to Rs 10.1 billion.
Core banking operations contributed strongly to HNB’s results with net interest income growing by 28.8% YoY to Rs 24.9 billion. Growth in the bank’s interest income was driven by robust growth of 21% YoY in assets. Despite 2016 witnessing a substantial shift towards higher yielding deposits, the bank was able to maintain a LKR CASA ratio of 38.4%. The total deposit base grew by 16.8% YoY to Rs 580.5 billion.
Net Fee and Commission income grew by 22.7% YoY to exceed Rs 5 billion with credit cards and trade finance being the main contributors.