August 23, 2019 (MLN): The Habib Metropolitan Bank Limited (HMB) posted 9.3% year-on-year increase in profits-after-tax to Rs 3.35 billion for 1HCY19 with EPS recorded at Rs 3.05. HMB drew strength from strong top-line performance due to higher interest rates during the period.
With the interest rates considerably higher during 1HCY19, interest expenses were also higher thus allowed Net Interest Income to grow by only 11.24%.
During the period, the bank recorded a healthy increase in foreign exchange income of about 83%, besides decent growth in fee and commission income which provided a solid hand to the bottom-line.
On the flip side, bank witnessed losses in sales of securities and income from other avenues also declined.
Consolidated Profit and Loss Account for the Half Year ended on June 30, 2019 (Rupees in '000) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % Change |
Mark-up/return/interest earned | 31,019,780 | 20,031,259 | 54.86% |
Mark-up/return/interest expensed | (22,147,026) | (12,054,819) | 83.72% |
Net mark-up/interest income | 8,872,754 | 7,976,440 | 11.24% |
NON-MARK-UP/INTEREST INCOME |
|
|
|
Fee and commission income | 2,451,050 | 1,879,197 | 30.43% |
Dividend income | 45,839 | 50,790 | -9.75% |
Foreign exchange income | 1,358,716 | 739,575 | 83.72% |
Income/(loss) from derivatives | – | – |
|
Gain /(loss) on securities | (719,681) | 81,959 |
|
Other income | 210,506 | 403,913 | -47.88% |
Total non-mark-up/interest income | 3,346,430 | 3,155,434 | 6.05% |
Total income | 12,219,184 | 11,131,874 | 9.77% |
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
Operating expenses | 6,280,949 | 5,707,705 | 10.04% |
Workers Welfare Fund | 113,676 | 98,980 | 14.85% |
Other charges | 41,295 | 14,802 | 178.98% |
Total non-mark-up/interest expenses | 6,435,920 | 5,821,487 | 10.55% |
Profit before provisions | 5,783,264 | 5,310,387 | 8.90% |
(Provisions)/reversal and write offs – net | 106,857 | (429,132) |
|
Extra-ordinary / unusual items | – | – |
|
Profit before taxation | 5,890,121 | 4,881,255 | 20.67% |
Taxation | (2,530,380) | (1,807,360) | 40.00% |
Profit after taxation | 3,359,741 | 3,073,895 | 9.30% |
Earnings per share – Basic and Diluted (in Rupees) | 3.05 | 2.82 | 8.16% |
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