HNB Grameen PAT tops Rs. 1 b

HNB Grameen recorded a profit after tax of Rs. 1.11 billion for the year ended 2015/16, a 108% increase over the previous year. "It was the highest ever profitability in the history of the company," the company said in a press release. 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 adaption 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.