Habib Metro Bank reports 12% upsurge in its net profits

MG News | October 25, 2019 at 11:09 AM GMT+05:00

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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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