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

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

  • 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, 30th 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, 30th 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 30th 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.

Posted on: 2017-10-20T13:57:00+05:00
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