HNB posts Rs. 10.3 bn pre-tax profit in 9-months 2020

Hatton National Bank (HNB) has reported a Profit Before Tax (PBT) of Rs. 10.3 billion for the 9- month period ending September 2020, down from 23.1 per cent YoY compared to the corresponding period of 2019.

Profit After Tax (PAT) of Rs. 7.7 billion represented a drop of 3.8 per cent YoY from last year, the company said in a media release.

Commenting on the performance, HNB Chairman Dinesh Weerakkody, said: “Despite the significant challenges brought about by the pandemic, HNB continued to demonstrate strength, stability and resilience. The recent unprecedented two notch downgrade of the Sovereign rating by Moody’s has been a further setback. In this backdrop, I’m happy to note that HNB was able to conclude a long term loan agreement of US$ 60 million with the French Development Financing Institution, Proparco to support the SME sector of Sri Lanka.”

Expressing his views on the performance of the bank, Jonathan Alles, Managing Director / CEO of HNB stated: “Our country was moving in a positive trajectory over the last few months, until the second wave struck us, however, this has been a common phenomenon across the world. Therefore, it is important to provide the necessary support to drive grassroot revival and adapt to the ‘new normal’.”

As of September, HNB has provided moratoriums to over 85,000 customers and processed working capital finance amounting to over Rs. 24 billion to COVID-19 affected businesses under the Central Bank’s Saubhagya schemes.