Bank Al-Habib Ltd. profits rise 6.53% to Rs. 8.649 billion

MG News | February 14, 2018 at 02:13 PM GMT+05:00

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Bank Al-Habib Ltd. released the financial results for the year ending December 31^st, 2017 today as it reported a 5.05% increase in Net Interest Earned at Rs. 25.918 billion with Fee, commission and brokerage income growing by 26.6% during the year.

Bank’s Earnings after provisions grew by 2.86% to clock in at Rs. 26.033 billion vs. Rs. 25.309 billion last year on the back of reversal in non-performing loans and advances. However, Bank’s total other income also posted a significant growth which includes dividend, forex income and capital gain rising by 62.33% with total amount clocking in at Rs. 8.201 billion for the period.

Bottom-line profits for the bank grew by 6.53% to reach Rs. 8.649 billion against Rs. 8.119 billion last year. On the earnings front, Meezan Bank’s earnings per share reached 7.78 Rupees for the period.

The Board decided to approve a final cash dividend of Rs. 3.00 per share at a rate of 30%.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Half Year Ended, December 30^th 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Net mark-up/return/interest earned	25,918,328	24,671,560	5.05%
Net mark-up/return/interest earned after provisions	26,033,650	25,309,609	2.86%
Fee, commission and brokerage income	3,192,234	2,521,496	26.60%
Dividend Income	448,177	591,500	-24.23%
Income from Foreign Currencies	913,950	491,038	86.13%
Capital gain on sale of investments - net	2,734,369	715,470	282.18%
Other income	907,426	729,359	24.41%
Total non-mark-up/interest income	8,201,160	5,052,248	62.33%
Administrative Expenses	19,860,573	17,728,349	12.03%
Other (provisions)/reversals/write-offs	10,904	38,033	-71.33%
Other charges/reversals	323,011	492,446	-34.41%
Total non mark-up/interest expenses	20,194,488	17,197,870	17.42%
Extra-ordinary/unusual items	-	-
Profit before Taxation	14,040,322	13,163,987	6.66%
Taxation	5,390,752	5,044,758	6.86%
Profit after Taxation	8,649,570	8,119,229	6.53%
EPS - Basic and diluted	7.78	7.31	6.43%

Company release on Earnings Report can be accessed here.

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