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Habib Metropolitan Bank reports 32% increase in half yearly profits.

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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%

 

Posted on: 2018-08-20T09:53:00+05:00

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