App, HNB SOLO was enhanced with added features and this continues to be an ongoing process. In August, we upgraded our core- banking system to the latest version of Finacle, enabling us to provide a superior experience to our customers,” said Jonathan Alles, MD/CEO, HNB.
With effective cost management being a key focus area under the ‘new nor- mal’, the bank recorded a decline of six percent YoY in Total Operating Expenses to 11.2 billion rupees in 1H 2020. The total tax charge for 1H 2020 declined by 57.1 percent YoY to 3.1 billion rupees while the bank recorded a PAT of 4.5 billion rupees, representing a decline of seven percent YoY. Gross loans remained flat when compared against December 2019 at 772.5 billion rupees.
Notwithstanding the unprecedented circum- stances during the year, HNB’s total deposits grew by 55.3 billion rupees to 865.3 billion rupees while the low cost CASA base grew by an impressive 34.4 billion rupees to 319.1 billion rupees during 1H 2020. Total Assets grew by four percent to 1.17 trillion rupees, during 1H 2020 and HNB continued to remain among the best capitalized in the industry, with Tier I Capital and Total Capital Adequacy ratios at 15.25 percent and 19.07 percent.
HNB Group recorded a PAT of 5.5 billion rupees for the period. The YoY growth of 6.8 percent in group profits was driven largely by the robust performance of the primary dealership arm of the investment bank, Acuity Partners and HNB Assurance.