Bank Al Habib reports 11.7% profit rise, announces Rs3.5 dividend
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MG News | October 24, 2024 at 02:59 PM GMT+05:00
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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