Sri Lanka Stock Picks

Sri Lanka stock picks site has been developed to give first hand information with regard to share trading opportunities available for investors who do not like go through lengthy research reports, calculations,etc but to have a clear idea about stocks that have future up side potential.Our service is just not for day traders but for the investors who wish to see their money growing in the long run.Our main objective is to provide information relating to trading under one roof.

Tuesday, August 17, 2010

Sri Lanka's HNB group June net up 22- pct

Aug 17, 2010 (LBO) – Hatton National Bank (HNB) group June quarter profits rose 22 percent to 1.22 billion rupees from high interest margins and higher fee based income, while loan loss provision costs had also come down, a stock exchange filing showed.

In June quarter 2010, interest income was down 16 percent to 7.57 billion rupees, while interest expenses fell at a steeper pace of 31 percent to 3.71 billion rupees, resulting in a net interest income of 3.86 billion rupees, up 7.0 percent.

HNB group in June quarter made a profit of 5.13 rupees per share, while during the same quarter last year it made a profit of 4.23 rupees, its accounts showed.

Foreign exchange income fell 10 percent to 236.5 million rupees, while incomes from fee based services rose 32 percent to 1.76 billion rupees.

Personal costs rose 18 percent to 1.28 billion rupees, premise costs went up 3.0 percent to 676.8 million rupees, and other operating costs had gone up 21 percent to 1.17 billion rupees.

HNB group's provisions for bad and doubtful debts had come down 94 percent to 10 million rupees, while general provisions had gone up 69 percent to 42.8 million rupees and specific provisions had come down 51 percent to 93.1 million rupees.

Loan recoveries had gone up 160 percent to 126 million rupees, while loan write-offs had fallen 6.0 percent to 66 million rupees.

VAT (value added tax) on financial services rose 20 percent to 630.3 million rupees, corporate taxes rose 7.0 percent to 587.4 million rupees.

From the beginning of the year the banking group's investments in government securities held to maturity was up 14 percent to 61.6 billion rupees, while government securities in trading accounts rose 106 percent to 1.25 billion rupees, its accounts showed.

HNB groups performing loans and advances were up 2.0 percent to 164.2 billion rupees, while non-performing loans were up 8.0 percent to 13.4 billion rupees.

The banks net loan book had grown 2.0 percent to 170.1 billion rupees, from the beginning of the year.

Deposits rose 1.0 percent to 216.3 billion rupees, while borrowings rose 11 percent to 22.9 billion.

At end-June HNB group gross assets were up 3.0 percent to 295.1 billion rupees, while net assets rose 3.0 percent to 27.7 billion rupees.

The bank had net assets of 114.68 rupees per share, while during the same period last year it had a net asset of 111.86 rupees per share, from the beginning of the year, its accounts showed.

source - www.lbo.lk