Earning Review: HMB draws strength from strong top-line performance

MG News | August 23, 2019 at 11:17 AM GMT+05:00

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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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