31 March 2013

HSBC Sri Lanka Branch Nearly Doubles Profit to Rs 8.2Bn in 2012

30th March 2013, www.sundaytimes.lk

Net profit at the HSBC’s Sri Lanka branch nearly doubled to Rs 8.2 billion in 2012 against Rs. 4.7 billion in the previous year, latest data shows.

According to a bank announcement in newspapers on Saturday, its employee count fell to 1,457 last year from 1,763 earlier though the number of branches – 16 – was unchanged.

The local branch last year announced a VRS for staff under which some employees took early retirement with compensation.

Its net interest income was up at Rs.15 billion against Rs.10.8 billion while gross loans totalled Rs.125.5 billion vs. Rs.118.5 billion in 2011.

Deposits were reported at Rs149.6 billion against Rs.141 billion in 2011.

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