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Aruni Goonetilleke, Chairperson of Hatton National Bank, stated that "Despite the country still reeling from last year’s economic, social and political disruptions, the Bank recorded a solid performance for the first three months of 2023, reflecting our steadfast focus, prudent decision making and agility in the face of changes. Although uncertainties prevail, the positive developments on the country’s macroeconomic front are encouraging. I want to reiterate our unwavering commitment to safeguarding the interest of our stakeholders and supporting the economic recovery."
Relatively high-interest rates compared to Q1 2022 facilitated the Bank to report a net interest income of 31.6 billion rupees during 1Q 2023, reflecting an 87 percent YoY growth. With higher card volumes and increased adoption of our digital services, net fee and commission income grew by 31 percent YoY to 4.2 billion rupees.
The positive sentiments brought on by the IMF program and the improved foreign exchange liquidity gave way to a part relaxation of foreign exchange controls. This led to the appreciation of the Sri Lankan Rupee by approx. 10 percent during the three months up to March 2023. This resulted in the Bank recording a net exchange loss of approximately two billion rupees for the quarter due to revaluation losses.
This story is from the June 2023 edition of Business Today Sri Lanka.
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This story is from the June 2023 edition of Business Today Sri Lanka.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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