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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Posted on: 2023-10-23T11:11:16+05:00
