Bank Al Habib reports 11.7% profit rise, announces Rs3.5 dividend

By MG News | October 24, 2024 at 02:59 PM GMT+05:00

0:00

October 24, 2024 (MLN): Bank AL Habib Limited (PSX: BAHL) earned Rs12.71 billion [EPS: Rs11.43] in Q3 CY24, reflecting a growth of 11.69% compared to the Rs11.38bn [EPS: Rs10.24] bottom line in the same quarter last year.

Driven by the rise in profits, the board of directors of BAHL has announced an interim cash dividend at Rs3.5 per share.

This is in addition to the interim cash dividend already paid at Rs7 per share.

Going by the income statement, the bank witnessed an increase of 23.93% in its net interest income (NII) to stand at Rs42.53bn. The growth in NII is due to a jump in interest-earning (Rs122.73bn), up by 21.52%.

Similarly, the bank’s total Non-Markup income rose 8.09% YoY to Rs6.52bn due to a significant jump in fee and commission income to clock in at Rs5.37bn as compared to Rs3.89bn in Q3 CY23.

In the expense section, the total expenses rose to Rs21bn compared to Rs17.99bn in SPLY, depicting an increase of 16.76%.

In addition, the bank incurred a provision expense worth Rs4.49 during the review period, reflecting a massive rise compared to Rs74.54m recorded in the corresponding period last year.

On the tax front, the bank paid Rs10.85bn, 0.53% lower than the amount paid in Q3 CY23.

Consolidated Profit and Loss Account for the quarter ended September 30, 2024 (Rupees in '000)
	Sep-24	Sep-23	% Change
Mark-up/return/interest earned	122,728,570	100,992,539	21.52%
Mark-up/return/interest expensed	(80,202,179)	(66,677,102)	20.28%
Net mark-up/return/interest income	42,526,391	34,315,437	23.93%
NON MARK-UP/INTEREST INCOME
Fee and commision income	5,370,747	3,892,313	37.98%
Dividend income	-	104,845	-100.00%
Foreign exchange income	398,444	1,480,659	-73.09%
Income/(loss) from derivatives	(66,125)	(14,733)
Loss on securities - net	-	-	-
Share of profit from associates	354,358	307,684	15.17%
Other income	462,338	261,196	77.01%
Total non mark-up/interest income	6,519,762	6,031,964	8.09%
Total Income	49,046,153	40,347,401	21.56%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	(20,307,052)	(17,496,164)	16.07%
Workers welfare fund	(517,025)	(454,206)	13.83%
Other charges	(179,072)	(37,607)	376.17%
Total non mark-up/interest expenses	(21,003,149)	(17,987,977)	16.76%
Profit before provisions	28,043,004	22,359,424	25.42%
Credit loss allowance / provisions / reversals and write offs - net	(4,485,361)	(74,539)	5917.47%
Extra-ordinary / unusual items	-	-	-
Profit before taxation	23,557,643	22,284,885	5.71%
Taxation	(10,849,118)	(10,906,806)	-0.53%
Profit after taxation	12,708,525	11,378,079	11.69%
Earnings per share - Basic and Diluted (in Rupees)	11.43	10.24	-

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