HNB Group records Rs. 6.71 b profits

HNB PLC posted a growth of 24 percent recording a pre-tax profit of Rs. 6.71 b during the first nine months of 2012 while post tax profit also increased by 28 percent to Rs. 4.61 b over the corresponding period in 2011.

Chairperson of HNB Dr. Ranee Jayamaha said, "HNB's success in recording sustainable growth, withstanding adverse market conditions, is attributable to the solid business model, focus, prudence and commitment and the trust our valuable customers have placed in us over the years".

The Bank posted a gross income of Rs 37.9 b for the nine months to September 30, 2012 which was an increase of 40 percent over the previous 12 months. Interest income from loans and advances too recorded a growth of 41 percent during the first nine months of 2012, compared to 2011 on account of the growth in loans and advances and rising interest rates.

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 increasing by 14 percent, recording a growth of Rs. 37.2 b to reach Rs. 300.9 b as at end of September 2012.