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

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.

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