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

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By 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 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%.

Comparison of Key Financials

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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