Habib Metro’s profit reaches Rs14.92bn in CY22

February 27, 2023 (MLN): Habib Metropolitan Bank (PSX: HMB) has wrapped the year 2022 on a positive note as the bank has made profits of Rs14.92 billion around 8% YoY higher than the figures reported in CY21, the bank’s filing on PSX showed today.

The earnings per share for the same period stood at Rs13.72, up by 6.36% YoY compared to Rs12.90 recorded last year.

In conjunction with the results, the bank also announced a final cash dividend for the year ended December 31, 2022, at Rs3.25 per share i.e., 32.5%. This is in addition to the Interim Dividend already paid at Rs2 per share i.e., 20%, totaling Rs5.25 per share i.e., 52.5%.

The net interest income saw a jump of 38.15% YoY to stand at Rs41.67bn in CY22 due to an 81.79% YoY surge in interest earned in the review period which stood at Rs135.18bn. At the same time, the interest expense has doubled to Rs93.51bn compared to Rs44.2bn in CY21.

The bank managed to lift its non-interest income by 20.7% YoY to clock in at Rs13.56bn on account of higher fee and commission income which stood at Rs8bn. Meanwhile, the dividend income has soared by over 2x YoY to Rs328.56 million in CY22.

The operating expenses of the bank have increased by 32.45% YoY to Rs22.32bn, while the workers' welfare fund climbed up by 85.88% YoY to Rs601.25mn in 2022.

On the taxation front, the bank paid Rs13.54bn in terms of taxes, observing around a 67% YoY increase compared to the taxes paid in 2021.

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