May 14, 2014 (LBO) - Profits at Sri Lanka's Hatton National Bank group fell 13 percent from a year earlier to 1.09 billion rupees in the March 2014 quarter as net interest income fell and loan losses went up, interim accounts showed.
The group reported earnings of 2.74 rupees per share for the quarter, in interim accounts filed with the Colombo Stock Exchange.
At stand alone bank level return on equity fell sharply to 8.01 percent from 14.26 percent.
Interest income fell in absolute terms 4 percent to 13.8 billion rupees in the March 2014 quarter and interest expense fell at a slower 2 percent to 7.5 billion rupees, but net interest income fell at a faster 7 percent to 5.7 billion rupees.
The interest margin fell to 4.34 percent from 5.09 percent and return on assets fell from 2.09 percent to 1.13 percent.
HNB's group loan book rose 3 percent to 361 billion rupees and financial investments - loans receivable rose 17 percent to 74.8 billion rupees.
Loan loss and impairment charges rose 40 percent to 1.44 billion rupees.
At stand alone bank level, gross non performing loans rose to 4.53 percent of risk weighted assets by end March 2014 from 3.64 percent in December.
The bank grew fee and commission income 23 percent to 1.13 billion rupees. Trading gains were a positive 278 million rupees up from a 1.01 billion rupee loss a year earlier.
Deposits grew 2 percent to 392 billion rupees.
Gross assets were up 3 percent to 536 billion rupees. Net assets fell 2 percent to 56.5 billion rupees. At stand alone bank level total capital adequacy fell to 15.08 percent from 16.52 percent, but was higher than the required 10 percent.
The group reported earnings of 2.74 rupees per share for the quarter, in interim accounts filed with the Colombo Stock Exchange.
At stand alone bank level return on equity fell sharply to 8.01 percent from 14.26 percent.
Interest income fell in absolute terms 4 percent to 13.8 billion rupees in the March 2014 quarter and interest expense fell at a slower 2 percent to 7.5 billion rupees, but net interest income fell at a faster 7 percent to 5.7 billion rupees.
The interest margin fell to 4.34 percent from 5.09 percent and return on assets fell from 2.09 percent to 1.13 percent.
HNB's group loan book rose 3 percent to 361 billion rupees and financial investments - loans receivable rose 17 percent to 74.8 billion rupees.
Loan loss and impairment charges rose 40 percent to 1.44 billion rupees.
At stand alone bank level, gross non performing loans rose to 4.53 percent of risk weighted assets by end March 2014 from 3.64 percent in December.
The bank grew fee and commission income 23 percent to 1.13 billion rupees. Trading gains were a positive 278 million rupees up from a 1.01 billion rupee loss a year earlier.
Deposits grew 2 percent to 392 billion rupees.
Gross assets were up 3 percent to 536 billion rupees. Net assets fell 2 percent to 56.5 billion rupees. At stand alone bank level total capital adequacy fell to 15.08 percent from 16.52 percent, but was higher than the required 10 percent.
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