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
Bank Al-Habib Ltd. released the financial results for the year ending December 31st, 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%.
| Unconsolidated Profit and Loss Account - For the Half Year Ended, December 30th 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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