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 |
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|---|---|---|---|
|
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.
