HBL to launch wholly owned subsidiary named HBL Zarai Services Ltd

MG News | July 27, 2023 at 09:31 AM GMT+05:00

0:00

July 27, 2023 (MLN): The Board of Directors of Habib Bank Limited (PSX: HBL) has approved the incorporation of "HBL Zarai Services Limited" as a wholly owned subsidiary of the bank, the bank's filing on Thursday revealed to the local bourse through a notification.

The aforesaid development is subject to the approval of all regulatory approvals.

HBL, Pakistan’s largest bank, was the first commercial bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network and maintained its position as the largest private sector bank in Pakistan with over 1,754 branches and 2,281 ATMs globally, serving 34 million+ customers worldwide.

Lately, the bank revealed its financial statement 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).

At the time of writing, the scrip of the bank is being traded at Rs84.92, down by 51 paisa or 0.60%DoD.

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