Habib Metro’s profit reaches Rs13.86bn in CY21

MG News | February 23, 2022 at 10:33 AM GMT+05:00

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February 23, 2022 (MLN): Habib Metropolitan Bank (PSX: HMB) has wrapped the year 2021 on a positive note as the bank has made profits of Rs13.86 billion around 12.4% higher than the figures reported in CY20, the bank’s filing on PSX showed today.

The earnings per share for the same period stood at Rs12.90, which is around 12% higher than Rs11.50 recorded in the same period of last year.

In conjunction with the results, the bank also announced a final cash dividend for the year ended at Rs3 per share i.e. 30%. This is in addition to the interim dividend already paid at Rs2 per share i.e. 20%, a total of Rs5 per share i.e. 50%.

The net interest income saw a meagre increase of 2.5% YoY to stand at Rs30bn in CY21 due to a drop in interest income by 3.6% YoY.

On the other hand, the bank managed to lift its non-interest income by 15.6% YoY to clock in at Rs11.23bn on account of higher fee and commission income which stood at Rs6.96bn. However, the dividend income and foreign exchange income have tumbled by 15.92% YoY and 9.3% YoY, respectively.

The operating expenses of the bank have increased by 15.63%, while the workers' welfare fund dropped by 30% YoY in 2021.

Meanwhile, the bank witnessed a notable decline in its provisions to clock in at Rs2bn, down by 43% YoY compared to Rs3.6bn in 2020.

On the taxation front, the bank paid Rs8.12bn in terms of taxes, observing around a 1% increase compared to the taxes paid in 2020.

Consolidated Profit and Loss Account for the Year ended December 31, 2021 (Rupees in '000)
	Dec-21	Dec-20	% Change
Mark-up/return/interest earned	74,358,956	77,121,348	-3.58%
Mark-up/return/interest expensed	(44,200,365)	(47,697,536)	-7.33%
Net mark-up/interest income	30,158,591	29,423,812	2.50%
NON MARK-UP/INTEREST INCOME
Fee and commission income	6,966,942	5,440,486	28.06%
Dividend income	161,287	191,828	-15.92%
Foreign exchange income	3,706,963	4,086,904	-9.30%
Gain /(loss) on securities	102,026	(44,339)	-
Other income	296,361	42,392	599.10%
Total non mark-up/interest income	11,233,579	9,717,271	15.60%
Total income	41,392,170	39,141,083	5.75%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	16,857,711	14,573,245	15.68%
Workers Welfare Fund	323,463	463,452	-30.21%
Other charges	170,918	97,092	76.04%
Total non mark-up/interest expenses	17,352,092	15,133,789	14.66%
Profit before provisions	24,040,078	24,007,294	0.14%
(Provisions)/reversal and write offs - net	(2,052,083)	(3,621,049)	-43.33%
Profit before taxation	21,987,995	20,386,245	7.86%
Taxation	(8,125,724)	(8,050,797)	0.93%
Profit after taxation	13,862,271	12,335,448	12.38%
Earnings per share - Basic and Diluted (in Rupees)	12.90	11.50	12.17%

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