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TKS Securities maintains ‘Buy’ on HNB shares

Aug 28, 2011 2:30:35 PM - www.ft.lk

TKS Securities is recommending HNB shares as ‘buy’ on the grounds that it is fairly valued based on FY2011 earnings forecast. The assessment is contained in an interim results update on HNB by TKS Securities Research. Here are excerpts:
Net earnings up 6% YoY to Rs. 1,292.5 m. Improving core business activities (NII up 2.5% YoY), 8.3% YoY growth in non interest income, 22.2% YoY reduction in taxation, solid loan growth and increased contributions from other subsidiary companies facilitated the net profit growth in 2Q2011.

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