HBL reports Rs58bn profit for 2024, declares dividend

MG News | February 19, 2025 at 02:34 PM GMT+05:00

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February 19, 2025 (MLN): Habib Bank Limited (PSX: HBL) has reported a consolidated profit after tax of Rs57.8 billion for the year ended December 31, 2024, reflecting an increase of 0.08% compared to Rs57.7bn in 2023.

The bank has declared a final cash dividend of Rs4.25 per share (42.5%), in addition to the interim dividends already paid, totaling Rs12 per share (120%).

The earnings per share (EPS) for the year stood at Rs39.85, compared to Rs39.32 in 2023.

HBL’s total income for 2024 stood at Rs342.1bn, marking a 14.2% increase from Rs300bn in the previous year.

Net mark-up/return/profit/interest income increased slightly by 1.4% to Rs245.6bn, despite a 20.7% rise in interest expenses to Rs567.6bn.

Non-markup income, however, surged by 68% to Rs96.5bn, supported by a remarkable increase in gains on securities (1,006.2%) and foreign exchange income (71.5%).

Operating expenses grew by 13.1% to Rs192.5bn, while non-markup expenses, including the Workers’ Welfare Fund and other charges, increased by 13% to Rs195.2bn.

The bank recorded a substantial 100.5% rise in credit loss allowance and write-offs, reaching Rs26.6bn.

Despite these challenges, HBL’s profit before taxation saw a 6% growth to Rs120.3bn, while taxation expenses increased by 12% to Rs62.5bn.

Consolidated statement of profit and loss account for the year ended December 31, 2024 (Rupees in '000)	2024	2023	%Change
Mark-up / return / profit / interest earned	813,192,081	712,345,078	14.16%
Mark-up / return / profit / interest expensed	567,569,845	470,212,037	20.71%
Net mark-up / return / profit / interest income	245,622,236	242,133,041	1.44%
Fee and commission income	49,522,881	42,250,183	17.21%
Dividend income	3,082,420	2,300,969	33.96%
Share of profit of associates and joint venture	4,763,000	4,422,695	7.69%
Foreign exchange income	7,896,530	4,604,826	71.48%
Income / (loss) from derivatives	5,771,367	(1,545,453)
Gain on securities - net	10,462,735	945,821	1006.21%
Other income	15,013,202	4,472,468	235.68%
Total non mark-up / interest income	96,512,135	57,451,105	67.99%
Total income	342,134,371	299,584,146	14.20%
Operating expenses	192,474,447	170,130,095	13.13%
Workers' Welfare Fund	2,364,597	2,282,323	3.60%
Other charges	357,160	354,953	0.62%
Total non mark-up / interest expenses	195,196,204	172,767,371	12.98%
Profit before credit loss allowance and taxation	146,938,167	126,816,775	15.87%
Credit loss allowance and write offs - net	26,603,787	13,265,779	100.54%
Profit before taxation	120,334,380	113,550,996	5.97%
Taxation	62,529,721	55,793,580	12.07%
Profit after taxation	57,804,659	57,757,416	0.08%
Basic and diluted earnings per share	39.85	39.32

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