HNB Grameen Finance posts steadfast performance in FY 17/18, PBT up to Rs. 2.02 b

Leading Sri Lankan financial solutions provider, HNB Grameen Finance Ltd., continued its growth momentum into the fourth quarter of 2017/18 with steadfast performance in all key indicators, including Net Interest Income (NII) exceeding Rs. 4.1 billion and assets surpassing Rs. 25.3 billion. Profit before tax (PBT) of the company stood at Rs. 2.02 billion.

“HNB Grameen Finance continues to display resilience and we are pleased with its stable performance over the last quarter. HNB Grameen Finance represents a vital component of our bank’s overarching strategy to extend reliable, high-quality financial services across the entire spectrum of Sri Lankan society.”

“The continuing growth of its operations in the face of challenging market conditions is a testament to HNB Grameen Finance’s strong reputation for responsible, customer-friendly financial services. Moving forward, we aim to leverage new technologies to enhance our value proposition to all our stakeholders,” HNB Grameen Finance Chairman Jonathan Alles stated. 

During the financial year, key indicators were on the up with Net Interest Income rising to Rs. 4.1 billion, an increase of 7.8% Year-on-Year (YoY) over the previous year’s Rs. 3.8 billion. Leveraging a strong diversified portfolio, HNB Grameen Finance’s Total Operating Income grew to Rs. 4.9 billion during the period in review, as compared with 4.6 billion in the previous year. Net Operating Income rose to Rs. 4.3 billion compared to Rs. 3.9 billion recorded previous year. Total assets amassed to Rs. 25.3 billion, an increase of 30% over the previous year’s figure of Rs. 19.5 billion.

HNB Grameen Finance Ltd. Managing Director and Chief Executive Officer B.M.D. Chaminda Prabhath said, “Our financial performances have proved that as a company, we have the ability to sustain and grow through challenging market conditions. While it reflects our potential to emerge as a strong performer in the industry, the steady growth experienced during this financial year will get factored in continuing a sustainable growth in 2018/19.”

“We will continue to invest in brand building, technology and network expansion. While adding value to the existing product portfolio and launching new products and services to deliver unique value propositions to our customers, HNB Grameen Finance will further strengthen the focus of being Sri Lanka’s premier financial services provider,” added Prabhath. 

HNB Grameen Finance Ltd. was established in the year 2000 and the company was licensed as a registered Finance Company by the Monetary Board of the Central Bank of Sri Lanka in 2010. The company pioneered commercial based microfinance in Sri Lanka, charting a new course for the enterprising but inclusive small scale entrepreneurs of Sri Lanka. Maintaining an extensive island-wide presence across 48 branches and 21 service centres, the organisation’s team of 1,800 employees remains fully committed to serving the needs of customers across the country. 

The company is backed by the power of Hatton National Bank, the bank which was recently awarded the No. 1 bank in the country. This synergy will give HNB Grameen the advantage to share HNB’s ATM network of 650 machines in every province of the country. HNB Grameen Finance is expanding into new fields of business in order to serve a wider range of customers and now offers Small and Medium Enterprise (SME) loans in addition to leasing products and savings accounts.