HBL witnesses a twofold increase in its earnings during 2020

News Image

By MG News | February 17, 2021 at 06:34 PM GMT+05:00

0:00

February 17, 2021 (MLN): Habib Bank Limited has reported earnings of Rs. 30.9 billion (EPS: 21.06) for the year ended December 31, 2020, i.e. nearly the double of what it earned during the previous year.

The Bank also announced a final Cash Dividend of Rs. 3 per share i.e. 30%. This is in addition to the interim dividend already paid at Rs. 1.25 per share i.e. 12.5%.

The net interest income of the bank went up by 28.4% owing to reduction in interest expense amidst lower interest rates. Similarly, the non-interest income surged by 26.6% owing to presence of income from derivatives of Rs. 1.07 billion and gain on securities of Rs. 7.05 billion. However, a foreign exchange loss of Rs. 161.6 million was also recorded during the year.

Further pressure on the earnings was exerted by a 268% increase in provisioning cost, as well as increase in income tax expense by 65%.

Consolidated Financial Results for the year ended December 31, 2020 (Rupees in '000)

 

Dec-20

Dec-19

% Change

Mark-up/return/interest earned

271,237,258

258,113,896

5.1%

Mark-up/return/interest expensed

(141,132,940)

(156,790,596)

-10.0%

Net mark-up and interest income

130,104,318

101,323,300

28.4%

NON MARK-UP / INTEREST INCOME

   

Fee and commission income

18,795,739

20,447,851

-8.1%

Dividend income

489,303

586,353

-16.6%

Share of profit of associates and joint venture

2,963,090

3,483,593

-14.9%

Foreign exchange income

(161,688)

1,657,595

 

Income/(loss) from dertivatives

1,077,945

(185,867)

 

Gain/(loss) on securities - net

7,054,874

(2,657,256)

 

Other income

375,597

829,310

-54.7%

Total non-markup / interest income

30,594,860

24,161,579

26.6%

Total income

160,699,178

125,484,879

28.1%

NON MARK-UP / INTEREST EXPENSES

   

Operating expenses

(94,018,405)

(92,236,328)

1.9%

Workers welfare fund - net

(1,109,730)

(573,492)

93.5%

Other charges

(320,793)

(480,056)

-33.2%

Total non-markup / interest expenses

(95,448,928)

(93,289,876)

2.3%

Profit before provisions

65,250,250

32,195,003

102.7%

Provisions/(Reversals) and write offs - net

(12,219,614)

(3,314,081)

268.7%

Extra-ordinary / unusual items

     

PROFIT BEFORE TAXATION

53,030,636

28,880,922

83.6%

Taxation

(22,117,287)

(13,381,127)

65.3%

PROFIT AFTER TAXATION

30,913,349

15,499,795

99.4%

Basic and diluted earnings per share

21.06

10.45

101.5%

 

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 133,403.19
324.46M
0.02%
33.04
ALLSHR 83,188.05
1,204.34M
0.13%
106.90
KSE30 40,651.46
104.88M
-0.13%
-53.85
KMI30 192,083.92
123.92M
-0.26%
-496.76
KMIALLSHR 55,847.70
679.22M
0.02%
11.98
BKTi 36,422.88
17.65M
0.29%
105.71
OGTi 28,437.61
10.77M
-0.37%
-105.35
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,860.00 109,685.00
107,680.00
405.00
0.37%
BRENT CRUDE 69.70 69.80
69.03
0.12
0.17%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
2.05
2.15%
ROTTERDAM COAL MONTHLY 106.65 106.65
106.25
0.50
0.47%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 67.93 68.07
67.33
0.00
0.00%
SUGAR #11 WORLD 16.20 16.37
16.13
-0.08
-0.49%

Chart of the Day


Latest News
July 08, 2025 at 05:29 PM GMT+05:00

Money Link Exchange shuts down operations


July 08, 2025 at 04:41 PM GMT+05:00

Gold price in Pakistan rises Rs1,500 per tola


July 08, 2025 at 04:25 PM GMT+05:00

CCP clears 69 M&A deals in FY25


July 08, 2025 at 04:00 PM GMT+05:00

PSX Closing Bell: Holding the Line



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg