Hatton National Bank, its subsidiaries and associate companies recorded a significant growth of 54% in pre-tax profit this year to Rs3,095 mn, as against Rs2,008 mn last year. The bank alone recorded a pre tax profit of Rs3,019 mn, a 63% growth over the previous year.
Post tax profit attributable to the Group crossed a milestone Rs2 bn mark to reach Rs2,276 mn compared to Rs1,795 mn in 2005. The bank’s post-tax profit recorded a 34% increase to Rs2,220 mn despite a corporate tax of Rs799 mn.
Group Turnover increased by Rs5 bn to reach Rs23.2 bn, crossing the Rs20 bn mark. Growth in net interest income (26%) and fee and commission income (8%) contributed towards a healthy growth in net income of 21%. Foreign Exchange contributed Rs792 mn recording a healthy increase of 22% over 2005.
The Directors have recommended a final dividend of 25% to be paid which will result in the total dividend for 2006 being 50% as against the 40% paid in 2005. The Board of Directors have also recommended a script (Bonus) issue to ordinary shareholders on the basis of one ordinary share for each ordinary share currently outstanding.
