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

MG News | February 27, 2023 at 11:21 AM GMT+05:00

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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.

Consolidated Profit and Loss Account for the year ended on December 31, 2022 (Rupees in '000)
	Dec-22	Dec-21	% Change
Mark-up/return/interest earned	135,177,510	74,358,956	81.79%
Mark-up/return/interest expensed	(93,512,382)	(44,200,365)	111.56%
Net mark-up/interest income	41,665,128	30,158,591	38.15%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	8,031,050	6,966,942	15.27%
Dividend income	328,560	161,287	103.71%
Foreign exchange income	5,093,568	3,706,963	37.41%
Income/(loss) from derivatives	-	-
Gain /(loss) on securities	(63,636)	102,026	-162.37%
Other income	170,921	296,361	-42.33%
Total non-mark-up/interest income	13,560,463	11,233,579	20.71%
Total income	55,225,591	41,392,170	33.42%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	22,327,992	16,857,711	32.45%
Workers Welfare Fund	601,255	323,463	85.88%
Other charges	67,878	170,918	-60.29%
Total non-mark-up/interest expenses	22,997,125	17,352,092	32.53%
Profit before provisions	32,228,466	24,040,078	34.06%
(Provisions)/reversal and write-offs - net	(3,759,638)	(2,052,083)	83.21%
Extra-ordinary / unusual items	-	-
Profit before taxation	28,468,828	21,987,995	29.47%
Taxation	(13,544,652)	(8,125,724)	66.69%
Profit after taxation	14,924,176	13,862,271	7.66%
Earnings per share - Basic and Diluted (in Rupees)	13.72	12.90	6.36%

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