Housing Development Finance Corporation Bank of Sri Lanka (HDFC Bank) has recorded Rs. 388.9 m profit before tax (PBT) in the first half of 2015 as against Rs. 310.5 mn in the corresponding period of 2014.
The profit after tax (PAT) is Rs. 276.2 mn as against Rs. 185.1 mn an increase of 49%. The interest income has increased from Rs. 2118 mn to Rs. 2260 mn, an increase of 6.7%. The net interest income of the Bank has increased from Rs. 856.3 mn to Rs. 1,050.6 Mn, an increase of 22.7%. The interest expenses have been reduced to Rs. 1209.9 mn from Rs. 1262.2 mn due to re-pricing of deposits.
The Operating Expenses has increased to Rs. 622.2 mn from Rs. 513.5 mn, an increase of 21% due to additional staff costs and expenditure incurred due to Branch expansion, Bank's Chief Executive Officer and GM Nimal Mamaduwa said.
The Bank's customer deposit base increased from Rs. 24.5 bn to Rs. 26.1 bn during the first six months, an increase of 6.8%. The loan book increased from Rs. 23.3 b toRs. 24.6 b, an increase of 5.2%. The Return on Assets (ROA) stood at 2.71% as against 2.51% as at 31st December 2014, whilst the Return on Equity (ROE) increased from 13.7% to 18.3%.
The Bank's T1 capital and Total Capital Adequacy Ratio stood 13.08% and 12.29% respectively which are well within the regulatory requirements, although the ratios have been marginally reduced due to the credit growth shown in the first half of 2015. The Bank also maintains a healthy statutory liquid asset ratio of 30.6% as against the regulatory requirement of 20%.
During the first half year of 2015 the Bank was able to establish two new Branches in Polonnaruwa and Kiribathgoda under the Branch expansion programme thereby making the total network to 38 Branches. The Bank will continue to expand its branch network as we believe that there are still many unbanked people in rural areas.
The Banks strategy of diversifying our product portfolio initiated in the year 2013 delivered significant gain for the Bank in terms growth and profitability.
www.dailynews.lk
The profit after tax (PAT) is Rs. 276.2 mn as against Rs. 185.1 mn an increase of 49%. The interest income has increased from Rs. 2118 mn to Rs. 2260 mn, an increase of 6.7%. The net interest income of the Bank has increased from Rs. 856.3 mn to Rs. 1,050.6 Mn, an increase of 22.7%. The interest expenses have been reduced to Rs. 1209.9 mn from Rs. 1262.2 mn due to re-pricing of deposits.
The Operating Expenses has increased to Rs. 622.2 mn from Rs. 513.5 mn, an increase of 21% due to additional staff costs and expenditure incurred due to Branch expansion, Bank's Chief Executive Officer and GM Nimal Mamaduwa said.
The Bank's customer deposit base increased from Rs. 24.5 bn to Rs. 26.1 bn during the first six months, an increase of 6.8%. The loan book increased from Rs. 23.3 b toRs. 24.6 b, an increase of 5.2%. The Return on Assets (ROA) stood at 2.71% as against 2.51% as at 31st December 2014, whilst the Return on Equity (ROE) increased from 13.7% to 18.3%.
The Bank's T1 capital and Total Capital Adequacy Ratio stood 13.08% and 12.29% respectively which are well within the regulatory requirements, although the ratios have been marginally reduced due to the credit growth shown in the first half of 2015. The Bank also maintains a healthy statutory liquid asset ratio of 30.6% as against the regulatory requirement of 20%.
During the first half year of 2015 the Bank was able to establish two new Branches in Polonnaruwa and Kiribathgoda under the Branch expansion programme thereby making the total network to 38 Branches. The Bank will continue to expand its branch network as we believe that there are still many unbanked people in rural areas.
The Banks strategy of diversifying our product portfolio initiated in the year 2013 delivered significant gain for the Bank in terms growth and profitability.
www.dailynews.lk
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