February 24, 2023 (MLN): Habib Bank Limited (PSX: HBL) on Friday unveiled its financial statement for the year ended on December 31, 2022, wherein the bank racked in a profit worth Rs34.4 billion [EPS: Rs23.23], down by 3.12% YoY compared to Rs35.5bn [EPS: Rs23.88] in CY21.
Along with the results, the bank declared a dividend of Rs1.50 per share (15%). This is an addition to the interim cash dividend already paid at Rs5.25 per share (52.5%).
The bank’s net interest income (NII) stood at Rs165.56bn in CY22, witnessing a surge of 26% YoY compared to Rs131.4bn in CY21. This was due to a 66% YoY increase in interest earned which clocked in at Rs436bn in the review period.
On the other hand, the total non-interest income of the bank posted a growth of 28.7% YoY to Rs46.73bn mainly attributable to fee and commission income that stood at Rs31.51bn.
Meanwhile, dividend income, and gain on sale of securities increased clocked in at Rs1.05bn and Rs866mn in the review period while the foreign exchange income domestic and international stood at Rs4bn and 3.1bn, respectively.
The bank’s operating expenses were recorded at Rs124.8bn, growing by 30.3% YoY.
Moreover, the bank’s effective tax rate clocked in at 55.3% as opposed to 42.7% last year.
Consolidated Profit and Loss Account for the year ended December 31, 2022 (Rupees '000) |
|||
---|---|---|---|
Dec-22 |
Dec-21 |
Change % |
|
Mark-up/return/profit/interest earned |
436,101,037 |
262,253,962 |
66.29% |
Mark-up/return/profit/interest expensed |
270,538,340 |
130,834,913 |
106.78% |
Net mark-up/return/profit/interest income |
165,562,697 |
131,419,049 |
25.98% |
Non-mark-up/interest income |
|||
Fee and commission income |
31,510,143 |
25,433,355 |
23.89% |
Dividend income |
1,508,643 |
913,769 |
65.10% |
Share of profits of associates and joint venture |
3,028,453 |
2,585,595 |
17.13% |
Foreign Exchange Income-domestic |
3,996,526 |
3,562,356 |
12.19% |
Foreign Exchange Income-international |
3,098,224 |
839,668 |
268.98% |
Foreign Exchange Income- unrealized gain related |
4,852,666 |
978,570 |
395.89% |
loss from derivatives |
-2,618,084 |
-182,098 |
1337.73% |
Gain on sale of securities – net |
866,175 |
1,024,384 |
-15.44% |
Other income |
488,991 |
1,155,761 |
-57.69% |
Total non-mark-up /interest income |
46,731,737 |
36,311,360 |
28.70% |
Total income |
212,294,434 |
167,730,409 |
26.57% |
Non-mark-up/interest expenses |
|||
Operating expenses |
-124,807,455 |
-95,784,969 |
30.30% |
Workers' Welfare Fund |
-1,498,693 |
-1,273,226 |
17.71% |
Other charges |
-476,587 |
-557,198 |
-14.47% |
Total non-mark-up/interest expenses |
-126,782,735 |
-97,615,393 |
29.88% |
Profit before provisions and taxation |
85,511,699 |
70,115,016 |
21.96% |
Provisions and write offs-net |
8,481,761 |
8,087,105 |
4.88% |
Profit before taxation |
77,029,938 |
62,027,911 |
24.19% |
Taxation |
42,631,608 |
26,521,038 |
60.75% |
Profit after taxation |
34,398,330 |
35,506,873 |
-3.12% |
Earnings per share – basic and diluted (Rupees) |
23.23 |
23.88 |
-2.72% |
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Posted on: 2023-02-24T16:28:19+05:00