Habib Metropolitan Bank Limited reported an increase of 32% in its half yearly profits after taxation.
The bank discussed their financial earnings for the half year ended on June 30th 2018, in a Board of Directors meeting held on August 17th 2018.
The Bank’s Net mark-up/interest income increased by 14.6% while Net mark-up/interest income after provisions increased by 19.6%, as compared to the same period last year.
Although Fee, commission and brokerage income increased by 9%, the Total non-mark-up/interest income reduced by 4%.
In addition to this, their Total non-mark-up/interest expenses went up by 7.3%, leading to a 16% increase in profit before taxation.
However, HMB managed to reduce its tax provision by 3.6%, thus increasing its overall profits after taxation to Rs.3 billion from Rs.2.3 billion during the half year period ended on June 30th 2017.
Other than this, the Bank further reported its Earnings per share to have increased from Rs.2.18 per share to Rs.2.82 per share, during the period under review.
Profit and Loss Account for the Half Year Ended on June 30th 2018 (Rupees in '000) |
|||
|
Jun-18 |
Jun-17 |
% Change |
Mark-up/return/interest earned |
20,059,254 |
16,075,011 |
24.79% |
Mark-up/return/interest expensed |
(12,067,231) |
(9,099,920) |
32.61% |
Net mark-up/interest income |
7,992,023 |
6,975,091 |
14.58% |
Provision against non-performing loans and advances – net |
493,750 |
645,437 |
-23.50% |
Provision for diminution in the value of investments – net |
24,481 |
81,143 |
-69.83% |
Bad debts written off directly |
– |
– |
|
Net mark-up/interest income after provisions |
7,473,792 |
6,248,511 |
19.61% |
NON MARK-UP/INTEREST INCOME |
|
|
|
Fee, commission and brokerage income |
1,879,197 |
1,711,880 |
9.77% |
Dividend income |
50,790 |
351,321 |
-85.54% |
Income from dealing in foreign currencies – net |
739,575 |
378,963 |
95.16% |
Gain on sale/redemption of securities – net |
81,959 |
764,142 |
-89.27% |
Unrealized gain/(loss) or revaluation of investments classified as “held-for-trading” – net |
– |
– |
|
Other income |
451,758 |
142,827 |
216.30% |
Total non-mark-up/interest income |
3,203,279 |
3,349,133 |
-4.35% |
NON MARK-UP/INTEREST EXPENSES |
|
|
|
Administrative expenses |
5,721,555 |
5,195,936 |
10.12% |
Other provisions/write-offs |
(39,520) |
102,515 |
|
Other charges |
113,781 |
101,745 |
11.83% |
Total non-mark-up/interest expenses |
5,795,816 |
5,400,196 |
7.33% |
Extra-ordinary / unusual items |
– |
– |
|
Profit before taxation |
4,881,255 |
4,197,448 |
16.29% |
Taxation |
(1,807,360) |
(1,874,788) |
-3.60% |
Profit after taxation |
3,073,895 |
2,322,660 |
32.34% |
Earnings per share – Basic and Diluted (in Rupees) |
2.82 |
2.18 |
29.36% |
22699