HNB marks 50th AGM opening market trading at CSE

HNB PLC Chairman, Dinesh Weerakkody ringing in the trading day at the CSE joined by (L – R) CSE Director, Shanil Fernando, HNB Director, Madu Ratnayake, HNB Director, Nilantha De Silva, CSE Chairman, Ray Abeywardena, HNB MD/CEO, Jonathan Alles, HNB Chief Operating Officer, Dilshan Rodrigo, HNB Deputy General Manager – Legal, Thushari Ranaweera, HNB SME & Midmarket, Jude Fernando, HNB Chief Human Resource Officer and Deputy General Manager (HR), Chiranthi Cooray, Chief Internal Auditor/Deputy General Manager (Internal Audit) at HNB PLC, Niroshana Seneviratne, CSE Director, Dilshan Wirasekara. 
Pic by Kithsiri de Mel

By Shabiya Ali Ahlam

Hatton National Bank (HNB), which has been in existence for 130 years, marked its 50th AGM yesterday at the Colombo Stock Exchange (CSE) by opening trading with the ringing of the 
ceremonial bell.

Staying abreast with the global best banking practices, HNB currently stands as the fifth most capitalized stock at the Colombo bourse. Listed in 1971, it has grown with market cap of over Rs. 80 million and a share worth over Rs. 14,000.

According to senior officials, the bank’s performance for the last financial year has been achieved amidst a challenging economic environment, where the growth rates were low and interest rates being high, leading to a build-up of Non-Performing Loans (NPLs). 

“The increased taxation in the industry continues to challenge us. It now takes us close to almost 60 percent tax at a time where BASEL III requires banks to be well capitalized. So, there are other delays in receivable,” noted HNB Managing Director/CEO Jonathan Alles, addressing the bell ringing ceremony.

“However, amidst that climate HNB crossed 1 trillion in terms of assets this year, whereas the group crossed it two years back. We are still the top banking group in terms of profitability this year closing at Rs. 19.1 billion having paid Rs. 14.5 billion in terms of taxes,” the chief added. 

Pointing out that the bank has been successful in adapting to the evolving needs of Sri Lanka, Alles stated that the bank leads the way in customer-centric digitization as a part of the ambitious Vision 2020.

“While there are many challenges that lay ahead for HNB, our industry, and the nation as a whole, we are confident of building even greater value at every level of the Sri Lankan economy,” Alles stressed.  

Operating across 250 customer centres across the country, HNB stands as Sri Lanka’s leading bank, having been recognized by several renowned international and local institutions for excellence in diverse fields.