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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