HBL blames revaluation losses for the decline in its financial performance

News Image

By MG News | July 25, 2019 at 03:34 PM GMT+05:00

0:00

July 25, 2019 (MLN): Habib Bank Limited conducted a conference call on Thursday, to discuss the financial results of the company for the period ended June 30, 2019.

The management of the bank vehemently blamed PKR devaluation and the losses resulting from it, for the decline in company’s profitability. As per the meeting minutes, the revaluation loss to the bank amounted to almost Rs. 6 billion in the first half of the current year, as opposed to R. 2.5 billion in the same period last year.

Moreover, impairment charge on listed equities also emerged as one of the main reasons behind the poor financial results of the bank.

Other factors that contributed in the bank’s performance included increased in the cost of funds by 250bps to 5.1%, which helped in controlling the increase in cost of deposits.

The bank’s Net Interest Income (NII) and international NII grew by 18% and 14% respectively.

The bank further highlighted that the domestic advances rose marginally to Rs. 921 billion over December, 2018. Moreover, the domestic deposits also showed a growth of 7% which resulted in an overall market share of 13.8%.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 127,456.75
81.58M
1.46%
1829.43
ALLSHR 79,365.98
238.73M
0.99%
781.27
KSE30 38,791.69
17.54M
1.67%
637.90
KMI30 186,313.79
25.96M
0.77%
1427.30
KMIALLSHR 54,103.32
124.11M
0.63%
339.52
BKTi 32,555.24
22.81M
1.98%
633.56
OGTi 27,735.38
1.10M
-0.14%
-38.60
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,480.00 108,105.00
107,475.00
-755.00
-0.70%
BRENT CRUDE 66.47 66.63
66.34
-0.27
-0.40%
RICHARDS BAY COAL MONTHLY 97.00 97.00
97.00
1.05
1.09%
ROTTERDAM COAL MONTHLY 107.65 107.65
105.85
1.25
1.17%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 64.81 65.02
64.67
-0.30
-0.46%
SUGAR #11 WORLD 16.19 16.74
16.14
-0.52
-3.11%

Chart of the Day


Latest News
July 01, 2025 at 09:56 AM GMT+05:00

PSX Opening Bell: Green and Growing


July 01, 2025 at 09:30 AM GMT+05:00

Asia markets mixed amid tariff uncertainty


July 01, 2025 at 06:00 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg