October 15, 2019 (MLN): Habib Bank Limited has announced its financial results for the nine months ended on September 30, 2019, as per which, it has posted net profits of Rs. 8.8 billion (EPS: Rs. 5.89), i.e. around 10.9% lower than the same period of last year.
While the markup interest income of the bank depicted positive growth due to higher yields, the non-markup interest income slumped by 4.3% on account of losses associated with hedging instruments and sale of securities.
The operating expenses of the bank surged by 22% as a result of ongoing business transformation.
An interim Cash Dividend for the quarter ended on September 30, 2019 was also announced at Rs. 1.25 per share, i.e. 12.5%. This is in addition to the interim Cash Dividend already paid at Rs. 2.5 per share i.e. 25%.
Consolidated Profit and Loss Account for the nine months ended September 30,2019 (Rupees '000) | |||
|---|---|---|---|
Sep-19 | Sep-18 | % Change | |
Mark-up/return/profit/interest earned | 182,631,441 | 117,074,265 | 56.00% |
Mark-up/return/profit/interest expensed | 108,573,082 | 56,962,724 | 90.60% |
Net mark-up/return/profit/interest income | 74,058,359 | 60,111,541 | 23.20% |
Non mark-up/interest income | |||
Fee, commission and brokerage income | 15,456,596 | 12,739,687 | 21.33% |
Dividend income | 367,646 | 636,969 | -42.28% |
Share of profits of associates and joint venture | 2,212,652 | 2,324,938 | -4.83% |
Foreign Exchange Income | 302,575 | 444,090 | -31.87% |
(Loss) / income from derivatives | (657,532) | (361,337) | 81.97% |
(Loss) / gain on securities | (2,411,531) | 357,300 | |
Other income | 506,627 | 354,547 | 42.89% |
Total non-mark-up /interest income | 15,777,033 | 16,496,194 | -4.36% |
Total Income | 89,835,392 | 76,607,735 | 17.27% |
Non mark-up/interest expenses | |||
Operating expenses | (68,969,691) | (56,266,809) | 22.58% |
Other charges | (404,057) | (465,994) | -13.29% |
Workers' Welfare Fund | (393,094) | (330,051) | 19.10% |
Total non-mark-up/interest expenses | (69,766,842) | (57,062,854) | 22.26% |
Profit/(loss) before taxation | 20,068,550 | 19,544,881 | 2.68% |
Provision and write offs-net | (1,783,344) | (1,863,380) | |
Taxation | (9,460,517) | (7,771,355) | 21.74% |
Profit/(loss) after taxation | 8,824,689 | 9,910,146 | -10.95% |
Earnings per share – basic and diluted (Rupees) | 5.89 | 6.57 | -10.35% |
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