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

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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%

 

Copyright Mettis Link News

Posted on: 2019-08-23T11:17:00+05:00

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