Finance
HNB Finance records exceptional performance turnaround
*
HNB Finance information distinctive efficiency turnaround
Sat, Jun 4, 2022, 09:59 am SL Time, ColomboPage Information Desk, Sri Lanka.
June 04, Colombo: Reflecting an distinctive turnaround in its monetary efficiency from a loss final 12 months, Sri Lanka’s main built-in monetary providers supplier, HNB Finance PLC, recorded a Group Web Revenue of Rs. 515.6 million for the 2021-22 monetary 12 months.
Emphatically overcoming extreme macroeconomic challenges, in a momentous 12 months for the corporate – throughout which it acquired Prime Finance PLC – HNB Finance noticed vital enchancment in its asset high quality and enterprise efficiency indicators for the monetary 12 months ended thirty first March 2022.
Group Web Curiosity Revenue and Group Complete Working Revenue for the interval amounted to Rs. 3,903.9 million and Rs. 4,929.9 million respectively. Group Revenue Earlier than Tax for the 12 months was Rs. 615.9 million.
All enterprise traces of HNB Finance have been worthwhile through the evaluation interval, pushed by development in disbursements and success in value optimisation efforts – launched in-line with the prevailing financial circumstances. HNB Finance Group’s Mortgage-to-Deposit ratio for the 12 months was 123.36%, which displays the Group’s sturdy liquidity place.
HNB Finance additionally advantages from a well-diversified portfolio – which incorporates microfinance, auto and micro-leasing, gold loans and property and enterprise loans.
“This spectacular and well-rounded monetary efficiency throughout a extremely difficult interval serves as a powerful endorsement of the soundness, resilience and development prospects of HNB Finance,” HNB Finance PLC Chairman, Dilshan Rodrigo stated. “Our well-diversified portfolio, the numerous synergies stemming from the merger with Prime Finance and the energy that HNB Finance derives from the backing of HNB PLC and the Prime Lands Group, will strengthen HNB Finance in its development journey.”
After acquiring shareholder approval, HNB Finance concluded its merger with Prime Finance in Might 2022 and the businesses at the moment are working as a single entity underneath the HNB Finance model. Vital synergies are anticipated from the amalgamation, which additionally additional strengthened the HNB Finance Group’s Complete Asset Base to Rs. 46.56 billion as at thirty first March 2022. The strengthening of HNB Finance’s steadiness sheet permits higher distribution of dangers, with the addition of Prime Finance’s asset-backed mortgage portfolio. The addition of the succesful group of Prime Finance, who possesses vital experience, notably in spheres akin to actual property financing, will even strengthen HNB Finance’s expertise pool.
“Whereas our diversified portfolio will help us in navigating the present financial challenges, we stay strongly dedicated to supporting micro, small and medium enterprises (MSMEs),” HNB Finance PLC Managing Director/CEO, Chaminda Prabhath stated. “These vibrant companies are on the coronary heart of the engine of financial development and regardless of obstacles, we are going to help them by a coordinated initiative encompassing monetary literacy, enterprise revival and digital transformation”