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.

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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Posted on: 2022-02-23T10:33:01+05:00

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