Habib Bank Ltd. profit falls 94% to Rs. 2.16 billion

By MG News | October 20, 2017 at 01:57 PM GMT+05:00

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Habib Bank Ltd. Total Net mark-up/return/interest income after provisions for the period decreased by 0.31%, amounting to a total of 61 billion Rupees during the Quarter ended September, 30^th 2017
Company’s Profit before extra-ordinary item and taxation for the period decreased by 2.34%

In pursuance of the penalty imposed by New York State Department of Financial Services, Habib Bank ltd. during the quarter under review paid a total of 23.71 billion rupees as part of the settlement between the two parties in September last month. The penlaty payment brought down the losses by more than 94% to 1.4 billion Rupees during the period.

The company because of paying the penalty suffered losses of more than 14 billion during the quarter ended September, 30^th 2017. However, analysts opine that the penalty and the subsequent losses emanating from it have already been priced into the HBL stocks.

Comparison of Key Financials
Unconsolidated Profit and Loss Account - For the Nine months Ended, September 30^th 2017
Key Financials	2017	2016	% Change
	Amounts in PKR ‘000
Net mark-up/return/interest income	61,975,712	62,229,506	-0.41%
Net mark-up/return/interest income after provisions	60,897,502	61,088,599	-0.31%
Total non-mark-up/interest income	26,294,755	22,338,752	17.71%
Total non-mark-up/interest expenses	44,717,841	39,933,680	11.98%
Profit before extra-ordinary/unusual item and taxation	42,474,416	43,493,671	-2.34%
Extraordinary/Unusual Item	23,717,115	-
Profit before Taxation	18,757,301	43,493,671	-56.87%
Taxation	17,202,873	17,738,966	-3.02%
Profit after Taxation	1,554,428	25,754,705	-93.96%
EPS - Basic & diluted	0.87	17.47	-95.02%

Company release on Earnings Report can be accessed here.

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