Aruni Goonetilleke, Chairperson of Hatton National Bank, stated that "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. I want to reiterate our unwavering commitment to safeguarding the interest of our stakeholders and supporting the economic recovery."
Relatively high-interest rates compared to Q1 2022 facilitated the Bank to report a net interest income of 31.6 billion rupees during 1Q 2023, reflecting an 87 percent YoY growth. With higher card volumes and increased adoption of our digital services, net fee and commission income grew by 31 percent YoY to 4.2 billion rupees.
The positive sentiments brought on by the IMF program 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 approx. 10 percent during the three months up to March 2023. This resulted in the Bank recording a net exchange loss of approximately two billion rupees for the quarter due to revaluation losses.
This story is from the June 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
DFCC Bank and Mintpay Forge Ahead with an Innovative Partnership
DFCC Bank has forged a strategic alliance with Mintpay.
HNB and 3DH Building Solutions Collaborate
HNB entered into a fresh agreement with 3DH Building Solutions to promote and offer financing solutions for FMT Generators and GLARIE elevators.
PLC Al-Safa - Shariah-Compliant Finance Expanding Nationwide
Since 2005, People’s Leasing & Finance PLC (PLC) AlSafa Unit has served as Sri Lanka’s full-service nonbanking Islamic finance provider.
People's Bank Spearheads a Digital Revolution
As part of its comprehensive digitalization strategy, People’s Bank has introduced a range of innovative solutions focused on enhancing accessibility and convenience for customers nationwide.
HNB Partners with Micro Cars for Vehicle Offers
HNB entered a strategic partnership with Micro Cars to offer unparalleled benefits and offers to customers intending to purchase vehicles from Micro Cars.
HNB Honored at BCCSA 2023
HNB has once again been honored at Ceylon Chamber of Commerce Best Corporate Citizen Sustainability Awards 2023, solidifying their position as one of the nation’s leaders in sustainability, good governance, and corporate excellence.
People's Bank and EDB Forge Strategic Alliance to Boost Sri Lanka's Export Sector
The Sri Lanka Export Development Board (SLEDB) and People’s Bank have formed a strategic partnership by signing a Memorandum of Understanding (MOU).
People's Bank Re-Launches SPARK: Entrepreneurial Development Program to Boost Sri Lankan SMEs
People’s Bank is excited to announce the re-launch of its SPARK Entrepreneurial Development Program, aimed at bolstering young entrepreneurs and supporting the growth of small and medium enterprises (SMEs) throughout Sri Lanka.
HNB Recognized for Digital Payment Innovation at LankaPay Technnovation Awards 2024
HNB was awarded three accolades at the LankaPay Technnovation Awards 2024.
HNB Appoints Sanjay Wijemanne as its New Chief Operating Officer
Hatton National Bank has appointed Sanjay Wijemanne as the bank’s new Chief Operating Officer (COO) with effect from April 26, 2024.