Pioneers in microfinance HNB Grameen today announced a stellar performance for the financial year ended 2015/16 with all key performance indicators showing strong year-on-year growth.
The company’s key operating results recorded the highest ever profitability in the history of the company, achieving a profit after tax of Rs. 1.11 billion, a 108% increase over the previous year.
The company’s profit before tax also grew exponentially by 122% to Rs. 1.82 billion from Rs. 819 million earned last year. The total revenue of the company recorded a 58% growth, while net interest income also mirrored this trend recording a 66% increase.
These results were possible through the adoption of several key strategies which included growing the company’s savings portfolio, increasing advances and tenaciously managing its non-performing assets ratio (NPA), focusing on fee based income growth, and new product diversification including the introduction of leasing services and loan products for small sector enterprises.
The results also reflect the company’s focus on prudential cost management, supported by a strong digitization effort, including a comprehensive IT platform, a new core banking system, and introduction of POS machines. These enabled the company to deliver greater operational efficiencies.
The company’s total assets recorded a 43% growth to Rs. 14.38 Billion, whilst loans and advances rose by 60%. The company’s deposit base grew by 38% to cross Rs. 10 Billion and other income increased by 52% while savings recorded a growth of 56% for the year.
Speaking about the performance of the company for the financial year 2015/16, Jonathan Alles, Chairman of HNB Grameen and Managing Director/CEO of Hatton National Bank PLC said, “We are extremely delighted to announce the outstanding performance of HNB Grameen during the year 2015/16. With the synergies formed through the association with HNB, we have ‘grown together stronger’ and we comprehend that the ‘possibilities are bigger’ for us in the future. As such, we remain focused and committed to continue our journey towards reaching the pinnacle.”
Commenting on the performance B. M. D. C. Prabhath, the Managing Director/CEO of HNB Grameen said, “One of the key priorities for the financial year was to top the Rs. 1 billion mark and we had employed several effective strategies to deliver this remarkable financial performance. I would like to thank our Chairman, Deputy Chairman and the Board of Directors for their guidance and support and our staff for their unstinted commitment which enabled us to achieve this performance. I would also like to humbly thank our customers and other stakeholders who made this a reality. Our journey does not end here and the company will strive to achieve greater heights in the future.”
www.dailynews.lk
The company’s key operating results recorded the highest ever profitability in the history of the company, achieving a profit after tax of Rs. 1.11 billion, a 108% increase over the previous year.
The company’s profit before tax also grew exponentially by 122% to Rs. 1.82 billion from Rs. 819 million earned last year. The total revenue of the company recorded a 58% growth, while net interest income also mirrored this trend recording a 66% increase.
These results were possible through the adoption of several key strategies which included growing the company’s savings portfolio, increasing advances and tenaciously managing its non-performing assets ratio (NPA), focusing on fee based income growth, and new product diversification including the introduction of leasing services and loan products for small sector enterprises.
The results also reflect the company’s focus on prudential cost management, supported by a strong digitization effort, including a comprehensive IT platform, a new core banking system, and introduction of POS machines. These enabled the company to deliver greater operational efficiencies.
The company’s total assets recorded a 43% growth to Rs. 14.38 Billion, whilst loans and advances rose by 60%. The company’s deposit base grew by 38% to cross Rs. 10 Billion and other income increased by 52% while savings recorded a growth of 56% for the year.
Speaking about the performance of the company for the financial year 2015/16, Jonathan Alles, Chairman of HNB Grameen and Managing Director/CEO of Hatton National Bank PLC said, “We are extremely delighted to announce the outstanding performance of HNB Grameen during the year 2015/16. With the synergies formed through the association with HNB, we have ‘grown together stronger’ and we comprehend that the ‘possibilities are bigger’ for us in the future. As such, we remain focused and committed to continue our journey towards reaching the pinnacle.”
Commenting on the performance B. M. D. C. Prabhath, the Managing Director/CEO of HNB Grameen said, “One of the key priorities for the financial year was to top the Rs. 1 billion mark and we had employed several effective strategies to deliver this remarkable financial performance. I would like to thank our Chairman, Deputy Chairman and the Board of Directors for their guidance and support and our staff for their unstinted commitment which enabled us to achieve this performance. I would also like to humbly thank our customers and other stakeholders who made this a reality. Our journey does not end here and the company will strive to achieve greater heights in the future.”
www.dailynews.lk
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