HBL to invest Rs6bn in HBL Microfinance Bank

MG News | April 30, 2024 at 09:18 AM GMT+05:00

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April 30, 2024 (MLN): The Board of Directors (BoD) of Habib Bank Limited (PSX: HBL) has approved an Equity Investment of up to Rs6 billion in its subsidiary namely HBL Microfinance Bank Limited (HBL MfB), the Bank's filing on PSX revealed today.

The aforestated development complies with all regulatory requirements and the approval of the Shareholders of the Bank.

HBL is engaged in commercial banking-related services in Pakistan and overseas. The Aga Khan Fund for Economic Development (AKFED), S.A. is the parent company of the Bank.

On the financial front, the bank earned Rs14.59 billion [EPS: 9.95] on an unconsolidated basis during the quarter that ended March 31, 2024 (3QFY24), reflecting a marginal 4.61% YoY drop compared to the profit of Rs15.3bn [EPS: 10.43] earned in the corresponding period last year.

Despite this meagre drop in earnings, the BoD of HBL has recommended a final cash dividend of Rs4 per share i.e.40%.

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