HNB Group reports pre-tax profit of Rs. 7.15 bln

HNB PLC has posted robust growth of 24 per cent in pretax profit to Rs. 6.71 billion during the first nine months of 2012.

Post tax profit also increased by 28 per cent to Rs. 4.61 billion over the corresponding period in 2011, the bank said in a statement.

Commenting on the performance, the Chairperson of HNB Dr. Ranee Jayamaha said that “HNB’s success in recording sustainable growth, withstanding adverse market conditions, is attributable to the solid business model, focus, prudence and commitment as well as the trust our valuable customers have placed in us over the years”.

The bank posted gross income of Rs 37.9 billion for the nine months to 30th September 2012, up 40 per cent from the previous 12 months.

In line with the direction issued by the Central Bank to limit the growth in credit, the bank cautiously expanded its loan book through quality credit, with gross loans and advances recording a growth of Rs. 37.2 billion to reach Rs. 300.9 billion.

The deposit base of the bank grew by Rs. 35.7 billion during the period under re- view.

Rajendra Theagarajah Managing Director / CEO of HNB noted that, “In 2012 one of our key objectives has been cost optimization and the measures taken by the bank in this regard, have yielded expected results. We will continue to focus on maximizing efficiency through process improvements and deployment of new technology”.