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

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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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