Half year results released by Hatton National
Bank show an impressive performance by the bank recording an income
of Rs 17.6 billion, a growth of 30% compared to the corresponding
period last year.
The non-audited profit of the Bank, its
subsidiaries together with the share of associate companies profit
before corporate tax and financial services VAT for the three months
ended 30 June 2008 (current period) was Rs1,288 million, an increase
of 31.7 pc over the Rs978 million in the previous comparable period
(April to June 2007).
Higher growth in
income taxes (33 per cent) was the main driving force of
the enhanced revenue from taxes. The improved economic
activities, modernisation of tax administration,
improved enforcement and public awareness campaigns, and
changes to tax policy were attributed to the growth in
income taxes. The increase in the revenue from VAT (14
per cent) was mainly attributed to improvements in the
VAT refund mechanism and increased mark-up on CIF values
for the calculation of VAT on imports.
(Central Bank Annual Report 2007)
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