Bank AL Habib reports 12.86% increase in profit after tax
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MG News | January 30, 2025 at 04:56 PM GMT+05:00
January 30, 2025 (MLN): Bank AL Habib Limited (PSX: BAHL) has reported a profit after tax of Rs39.86 billion for the year ended December 31, 2024, marking a 12.86% increase compared to Rs35.32bn in the previous year.
The company has declared a final cash dividend of Rs6.50 per share, representing 65%, for the year ended December 31, 2024, in addition to the interim cash dividends already paid at Rs10.50 per share, bringing the total dividend payout to 105% for the year.
The bank's earnings per share (EPS) stood at Rs35.87, up from Rs31.78 in 2023, reflecting a growth of 12.87%.
The rise in profits was driven by a 23.93% increase in net interest income, reaching Rs42.53bn, fueled by a 21.52% increase in interest-earning assets.
Additionally, the bank's non-markup income saw an 8.09% year-on-year increase to Rs6.52bn, primarily due to a surge in fee and commission income.
However, operating expenses rose by 16.76% to Rs21bn, while the bank recorded a significant increase in provision expenses, amounting to Rs4.49bn.
On the taxation front, the bank paid Rs10.85bn, a slight decrease from the previous year.
| Profit and Loss Account for the year ended December 31, 2019 (Rupees in '000) | |||
| Dec 31, 2024 (PKR) | Dec 31, 2023 (PKR) | % change | |
| Mark-up/return/interest earned | 478,031,023 | 373,902,458 | 27.85% |
| Mark-up/return/interest expensed | (321,783,242) | (249,754,849) | 28.84% |
| Net mark-up/interest income | 156,247,781 | 124,147,609 | 25.86% |
| Fee and commission income | 19,439,797 | 14,365,866 | 35.32% |
| Dividend income | 867,949 | 1,552,135 | -44.08% |
| Foreign exchange income | 3,911,135 | 6,841,341 | -42.83% |
| Income/(loss) from derivatives | 142,005 | 1,732 | 8098.90% |
| Gain on securities - net | - | - | |
| Net gain/(loss) on derecognition of financial assets | - | - | - |
| Other income | 1,123,347 | 466,183 | 140.97% |
| Total non-mark-up/interest income | 25,484,233 | 23,227,257 | 9.72% |
| Total income | 181,732,014 | 147,374,866 | 23.31% |
| Operating expenses | (80,978,771) | (70,273,774) | 15.23% |
| Workers welfare fund | (1,711,046) | (1,544,532) | 10.78% |
| Other charges | (310,073) | (228,401) | 35.76% |
| Total non-mark-up/interest expenses | (82,999,890) | (72,046,707) | 15.20% |
| Profit before credit loss allowance | 98,732,124 | 75,328,159 | 31.07% |
| Credit loss allowance and write-offs - net | (14,890,895) | (4,200,202) | 254.53% |
| Other income/expenses | - | - | |
| Profit before taxation | 83,841,229 | 71,127,957 | 17.87% |
| Taxation | (43,979,042) | (35,808,582) | 22.82% |
| Profit after taxation | 39,862,187 | 35,319,375 | 12.86% |
| Earnings per share - Basic and Diluted (Rupees) | 35.87 | 31.78 | 12.87% |
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