Habib Metro's profit surges by 83% YoY to Rs19.76bn in 9MCY23

MG News | October 23, 2023 at 11:11 AM GMT+05:00

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October 23, 2023 (MLN):Habib Metropolitan Bank Limited (PSX: HMB) has revealed its financial statement today for the 9MCY23, as per which the bank posted a profit worth Rs19.76 billion [EPS: Rs18.43], depicting a surge of 82.72% YoY, compared to Rs10.81bn [EPS: Rs9.88] in the same period last year (SPLY), bank’s filing on PSX showed today.

Going by the income statement, the bank witnessed an increase of 86.74% in its net interest income (NII) to stand at Rs52.65bn, compared to Rs28.19bn in SPLY. The surge in NII is due to a jump in interest-earning (Rs150.84bn), up by 62.11% YoY.

During the period under review, the bank’s total non-markup income inched up by 0.89% YoY to Rs10.97bn, owing to a rise in Foreign Exchange Income to clock in at Rs7.09bn, depicting an increase of 16.19% YoY.

Under the non-markup income, HMB incurred a loss on securities of Rs102.23 million in 9MCY23, against a gain of Rs277.91m in 9MCY22.

In addition, the bank incurred a provision expense of Rs4.47bn during the review period compared to an expense of Rs2.46bn in the corresponding period last year.

On the expense side, the bank’s non-markup expenses increased by 35.38% to Rs22.32bn in 9MCY23 compared to Rs16.49bn in 9MCY22.

The increase was attributed to the jump of 34.23% YoY in the operating expenses from Rs16bn in 9MCY22 to Rs21.49bn in 9MCY23.

Similarly, MEBL’s expenses towards the Workers' welfare fund also went up during the review period.

The bank paid Rs18.07bn on the tax front, 94.06% higher than the amount paid in 9MCY22.

Consolidated Profit and Loss Account for the nine months ended September 30, 2023 (Rupees in '000)
	Sep-23	Sep-22	% Change
Mark-up/return/interest earned	150,837,814	93,045,411	62.11%
Mark-up/return/interest expensed	(98,187,412)	(64,851,292)	51.40%
Net mark-up/interest income	52,650,402	28,194,119	86.74%
NON MARK-UP/INTEREST INCOME
Fee and commision income	7,092,816	6,065,822	16.93%
Dividend income	465,326	231,184	101.28%
Foreign exchange income	3,444,791	4,191,469	-17.81%
Income/(loss) from derivatives	-	-
Gain /(loss) on securities	(102,230)	277,905	-
Other income	74,153	111,645	-33.58%
Total non-mark-up/interest income	10,974,856	10,878,025	0.89%
Total income	63,625,258	39,072,144	62.84%
NON MARK-UP/INTEREST EXPENSES
Operating expenses	21,488,649	16,009,186	34.23%
Workers Welfare Fund	796,656	438,228	81.79%
Other charges	35,123	40,092	-12.39%
Total non mark-up/interest expenses	22,320,428	16,487,506	35.38%
Profit before provisions	41,304,830	22,584,638	82.89%
(Provisions)/reversal and write offs - net	(3,470,579)	(2,456,731)	-
Extra-ordinary / unusual items	-	-
Profit before taxation	37,834,251	20,127,907	87.97%
Taxation	(18,073,255)	(9,313,056)	94.06%
Profit after taxation	19,760,996	10,814,851	82.72%
Earnings per share - Basic and Diluted (in Rupees)	18.43	9.88	-

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