July 26, 2023 (MLN): Habib Bank Limited (PSX: HBL) has revealed its financial statement today for the half year ended June 30, 2023, as per which the bank posted a profit worth Rs26.34 billion [EPS: Rs17.86], depicting a surge of 2.17x YoY, compared to Rs12.11bn [EPS: Rs8.10] in the same period last year (SPLY), bank’s filing on PSX showed today.
Along with the 1HCY23 financial results, the board of directors of UBL has also announced an interim cash dividend for the period ended June 30, 2022, at Rs2 per share i.e. 20%.
Going by the income statement, the bank witnessed an increase of 54.21% in its net interest income (NII) to stand at Rs113.95bn, compared to SPLY. The surge in NII is due to a jump in interest-earning of (Rs131.56bn), up by 70.12% YoY.
During the period under review, the bank’s Non-Markup Income (NMI) witnessed a meager rise of 1.71% YoY to Rs24.08bn as other income soared to Rs4.17bn as compared to Rs236.54m in SPLY. Still, the bank's NMI was restricted as a result of loss from derivatives which rose by 4.7x to Rs5.15bn.
In addition, the bank incurred a provision expense of Rs6bn during the review period compared to the provision and write-offs of Rs2.80bn in the corresponding period last year.
On the tax front, the bank paid Rs25.17bn, 11.94% higher than the amount paid in 1HCY22.
| Consolidated Profit and Loss Account for the 6 Months Ended June 30, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Jun-23 | Jun-22 | % Change | |
| Mark-up/return/profit/interest earned | 319,196,989 | 187,634,306 | 70.12% |
| Mark-up/return/profit/interest expensed | 205,242,241 | 113,738,181 | 80.45% |
| Net mark-up/return/profit/interest income | 113,954,748 | 73,896,125 | 54.21% |
| Non mark-up/interest income | |||
| Fee, commission, and brokerage income | 19,778,761 | 15,057,386 | 31.36% |
| Dividend income | 1,826,891 | 410,139 | 345.43% |
| Share of profits of associates and joint venture | 2,174,577 | 816,212 | 166.42% |
| Foreign Exchange Income | 1,514,114 | 7,845,475 | -80.70% |
| (Loss) / income from derivatives | -5,151,560 | (1,094,276) | 370.77% |
| (Loss) / gain on securities | (227,339) | 403,228 | -156.38% |
| Other income | 4,165,093 | 236,537 | 1660.86% |
| Total non-mark-up/interest income | 24,080,537 | 23,674,701 | 1.71% |
| Total Income | 138,035,285 | 97,570,826 | 41.47% |
| Non mark-up/interest expenses | |||
| Operating expenses | (79,348,461) | (59,047,026) | 34.38% |
| Other charges | (1,102,188) | (686,889) | 60.46% |
| Workers' Welfare Fund | (76,480) | (442,313) | -82.71% |
| Total non-mark-up/interest expenses | (80,527,129) | (60,176,228) | 33.82% |
| Profit/(loss) before taxation | 57,508,156 | 37,394,598 | 53.79% |
| Provision and write offs-net | (5,999,014) | (2,803,115) | 114.01% |
| Taxation | (25,169,164) | (22,483,698) | 11.94% |
| Profit/(loss) after taxation | 26,339,978 | 12,107,785 | 117.55% |
| Earnings per share – basic and diluted (Rupees) | 17.86 | 8.10 | 120.49% |
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Posted on: 2023-07-26T13:46:59+05:00
