HNB records sustainable performance in 2023

Hatton National Bank PLC (HNB) has showcased strong and sustainable performance in 2023, in all aspects namely liquidity, asset quality, capital, efficiency and profitability amidst global and local economic uncertainties.

Commenting on the performance, HNB Chairman Nihal Jayawardene stated that, “We commenced the year with optimism, hoping that the worst of the financial crisis was behind us. However, we remained cautious about the uncertainties that prevailed. The Board continued to maintain focus on key risk areas and the opportunities, to navigate through the uncertainty in the operating environment. This enabled us to record robust performance overall”

He added that, “The Board joins me in commending the CEO/Managing Director Jonathan Alles for the leadership provided to steer ahead during the most difficult times in the history.” Mr. Alles is retiring in August 2024 and will be replaced as CEO/MD by Damith Pallewatte.

The bank’s interest income experienced a YoY growth of 37.2 per cent, reaching Rs. 284.1 billion despite the decline in AWPLR by around eight percentage points during the last two quarters of the year, in line with the Central Bank’s expansionary monetary policy, the bank said in a media release.

The bank recorded a profit after tax (PAT) of Rs. 20.35 billion compared to Rs. 14 billion recorded in 2022 while the group recorded a PAT of Rs.23.6 billion compared to Rs.15.7 billion in the previous year.

Commenting on the performance, Mr. Alles said, “During these most challenging and uncertain times the bank has focused on sustainable growth ensuring the safety of depositors, facilitating access to finance and business revival for customers, providing fair rewards and recognition for employees, and offering investors a reasonable return for the assumed risk.”