HNB wins’ Sri Lanka’s Best Bank’ and ‘Sri Lanka’s Best Bank for SMEs’ at Euromoney Awards for Excellence 2024

  • Secures dual awards for ‘Sri Lanka’s Best Bank’ and ‘Sri Lanka’s Best Bank for SMEs’ 
HNB Acting CEO Damith Pallewatte (center) accepting the awards on behalf of HNB, accompanied by Euromoney Asia Editor, Elliot Wilson (right) and professional emcee and mentor, Anita Kapoor (left)

In the face of a challenging economic landscape and global market downturn, HNB, Sri Lanka’s leading private sector bank, was honoured with the titles of ‘Sri Lanka’s Best Bank’ and ‘Sri Lanka’s Best Bank for SMEs’ at the prestigious Euromoney Awards for Excellence 2024.

“Our team deserves full commendation for an exceptional performance over the past year. We’ve seen remarkable growth in deposits, healthy fee income, and PAT. This strong performance was driven by HNB’s extensive investments to boost digital banking capacity, uplift SMEs, and serve as a partner in progress to all Sri Lankans.

“The confidence placed in us by our customers and the nation inspires us to continuously strive for excellence. We are committed to providing the best banking experience to facilitate Sri Lankan enterprises of all sizes to perform at their fullest potential,” said HNB Acting CEO Damith Pallewatte.

The bank’s pioneering digital banking services also continued to flourish on the back of continuous growth in cashless transactions. Central to this success was HNB’s digital adoption rate, which continues to trend steadily upwards with among HNB customers.

“These awards are a recognition of our team’s resilience and dedication towards banking and the nation, particularly for the SME and grassroots businesses.  Since HNB’s inception, we’ve prioritised sustainable growth and grassroots community development. We remain committed to providing our customers with the services, support and advice they need to thrive. It’s gratifying to see the progress we’ve made and to be recognised by one of the world’s most renowned financial magazines,” said HNB Chief Operating Officer Sanjay Wijemanne.

HNB’s commendable performance was supported with robust financial strategies and customer trust. The bank has seen healthy improvements in fee income, driven by growth in card and digital channel transactions, reflecting the success of its diversified revenue streams. Contributions from Bancassurance, Digital Banking, and Self-Service Machines further bolstered this growth.

“HNB, as a systemically important Bank in Sri Lanka, has always prided itself in supporting the growth of SME sector. We are not only a financial services provider to our SME customers, but a true partner in their progress. This award from Euromoney Magazine is yet another testament of our commitment towards supporting sustainable growth in this vital sector and thereby the overall economy of the Country.” said Rajive Dissanayake HNB DGM SME & Micro Finance

HNB’s strategic focus on cautious lending in the SME segment safeguarded asset quality and customer financial well-being. Meanwhile, the bank channeled additional resources towards providing SME customers with technical advisory services, capacity building, expansion of market access, facilitation of exports, supporting more enterprises to grow their way out of crisis.

Additionally, HNB implemented several measures to support the government’s initiative to encourage migrant workers to use formal channels for remittances, including waiving commission fees, expanding its global presence, conducting nationwide promotional campaigns, and enhancing the ‘HNB Adhishtana’ product with added value.

The bank also remains committed to Environmental, Social, and Governance (ESG) principles, integrating sustainability into its operations. HNB engages in various environmental initiatives, such as funding green projects and promoting renewable energy solutions. They also focus on social initiatives, including community programs and financial inclusion efforts, reinforcing its role as a responsible corporate citizen.

Euromoney Magazine is recognised globally as the most influential financial magazine and a leading source of information on finance, banking, investment, and treasury. Based on an annual survey of over 25,000 corporate cash managers, treasurers, and finance officers worldwide, Euromoney magazine ranks providers of trade finance services globally, regionally, and country-wide. The Trade Finance award is based on an independent survey in which corporates are given the opportunity to rate the quality of the service provided by their local and multinational relationship banks across products and services.