Habib Metro Bank reports 12% upsurge in its net profits

October 25, 2019 (MLN): Habib Metropolitan Bank Limited (HMB) has announced its financial results for the nine months ended on September 30, 2019. As per the results, the bank has witnessed a 12% growth in its net-profits which stood at Rs. 5.28 billion as compared to the corresponding period of last year.

The bank’s interest income increased by 66.65%, but more than the proportionate increase in the interest expenses which was 2 times higher than last year’s expenses, made the net interest income grow only by 10.47% to Rs 13.3 billion.

On the other hand, non-interest income of the bank surged by 27.72% which was driven by 2.4 times YoY higher income from foreign exchange and 30.10% YoY higher fee and commission income.

Moreover, total non-interest expenses escalated by 12.02%, where other charges contributed by 3.38 times higher than the corresponding period of last year and operating expenses by 11.48% YoY.

Other than this, HMB’s basic and diluted earnings per share have been reported at Rs.4.81 per share while those recorded last year were Rs.4.34 per share.

Consolidated Profit and Loss Account for the Nine Months ended on September 30, 2019 (Rupees in '000)

 

 

Sep-19

Sep-18

% Change

Mark-up/return/interest earned

                     51,619,340

                     30,974,859

66.65%

Mark-up/return/interest expensed

                  (38,305,982)

                  (18,923,417)

 

Net mark-up/interest income

                     13,313,358

                     12,051,442

10.47%

NON-MARK-UP/INTEREST INCOME

   

Fee and commission income

                       3,617,428

                       2,780,435

30.10%

Dividend income

                             66,619

                             68,130

-2.22%

Foreign exchange income

                       2,680,476

                       1,126,667

 

Income/(loss) from derivatives

                                      –  

                                      –  

 

Gain /(loss) on securities

                        (865,344)

                             93,383

 

Other income

                           317,489

                           485,720

-34.64%

Total non-mark-up/interest income

                       5,816,668

                       4,554,335

27.72%

Total income

                     19,130,026

                     16,605,777

15.20%

NON MARK-UP/INTEREST EXPENSES

   

Operating expenses

                       9,599,945

                       8,611,001

11.48%

Workers Welfare Fund

                           177,985

                           148,269

20.04%

Other charges

                             51,340

                             15,172

 

Total non-mark-up/interest expenses

                       9,829,270

                       8,774,442

12.02%

Profit before provisions

                       9,300,756

                       7,831,335

18.76%

(Provisions)/reversal and write offs – net

                        (295,907)

                        (297,097)

 

Extra-ordinary / unusual items

                                      –  

                                      –  

 

Profit before taxation

                       9,004,849

                       7,534,238

19.52%

Taxation

                     (3,724,221)

                     (2,815,780)

32.26%

Profit after taxation

                       5,280,628

                       4,718,458

11.91%

Earnings per share – Basic and Diluted (in Rupees)

                                  4.81

                                  4.34

10.83%

 

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Posted on: 2019-10-25T11:09:00+05:00

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