The 2015-2016 rankings as done by Business Today, placed HNB within the top 3 of Sri Lanka’s top public listed companies, placing the Bank clearly ahead of several other Banks, financial institutions and conglomerates. The Business Today Top 30 Awards, held recently, feted and recognized the contribution of Sri Lanka’s biggest blue chips, based on financial performance and contribution to the Country’s economy.
This year saw the celebration acknowledging 30 of Sri Lanka’s best performing corporate entities, while showcasing the diversity of the private sector. Chief Guest at the event was Prime Minister, Hon Ranil Wickramasinghe.
“We are delighted to have been ranked within the top 3 of Sri Lanka’s best performing blue chips” said HNB’s Managing Director/CEO, Jonathan Alles, upbeat on the recognition. “The accolade is testament to the outstanding efforts of our entire team at HNB. Through their efforts, HNB continues to record aggressive growth, as evidenced by a 48% Year-on-Year (YoY) increase in Bank PAT which surpassed Rs 10Bn in the first nine months of 2016. Combined with superior credit underwriting skills and aggressive recovery efforts we successfully improved our asset quality further while improving the cost to income ratio to an all-time low of 43.6% driven by process re-engineering and cost optimization initiatives. He added that “HNB’s fundamentals remain very strong and we aim to consolidate this position further, even as we begin to roll out new technology-led innovations that will change the face of the Sri Lankan banking industry for years to come.”
The Business Today TOP 30 ranking is strictly based on the published information of companies listed in the Colombo Stock Exchange, and is compiled with the assistance of KPMG Ford Rhodes, Thornton & Co. Financial criteria considered for the ranking include share turnover, revenue, profit after tax, return on equity, earnings per share, market capitalization and value addition. Weights are assigned to the criteria uniformly, to arrive at the scores, which in turn determined the ranking of the companies.