Habib Bank Limited issued its financial statement for the Half Year ended on June 30th 2018. The report was discussed during their Board of directors meeting which took place earlier on August 2nd 2018.
According to the consolidated statement issued to PSX, HBL’s Net mark-up/return/profit/interest income decreased by 2.7% during the half year ending in June 2018, as compared to the half year ending on June 30th 2017. Furthermore, Provision for Diminution in the Value of Investments also decreased by almost 60%.
Apart from that, Fee, Commission and Brokerage Income reduced by 9.6% while Dividend Income dropped by 27.7%.
Net Gain on Sale of Securities suffered a reduction of 82.7%, whereas Unrealized loss on Revaluation of Investments Classified as held for Trading witnessed an increment of 126.7%.
Moreover, Other Income suffered a reduction of 69.5%.
Within expenses, Other net Provisions/write off increased by 62.6% and Other charges increased by 60890%. Worker’s Welfare funds reduced by 50%.
HBL’s taxation reduced by 50% as well, yet overall Profit after taxation dropped by 48.2%.
Basic and Diluted earnings per share also decreased by 48.7%.
| Profit and Loss Account for the Half Year Ended June 30,2018 (Rupees '000) | |||
|---|---|---|---|
| 2018 | 2017 | % Change | |
| Mark-up/return/profit/interest earned | 75,529,214 | 72,302,748 | 4.5% |
| Mark-up/return/profit/interest expensed | 35,246,628 | 30,901,318 | 14.1% |
| Net mark-up/return/profit/interest income | 40,282,586 | 41,401,430 | -2.7% |
| Provision against advances | (243,186) | 564,059 | |
| Reversal against off-balance see obligations | 2,671 | (50,233) | |
| Provision for diminution in the value of investments | 261,808 | 647,522 | -59.6% |
| Bad debts written off directly | – | – | |
| 21,293 | 1,161,348 | ||
| Net mark-up/return/profit/interest income after provisions | 40,261,293 | 40,240,082 | 0.1% |
| Non mark-up/interest income | |||
| Fee, commission and brokerage income | 9,217,467 | 10,201,162 | -9.6% |
| Dividend income | 495,686 | 685,752 | -27.7% |
| Share of profits of associates and joint venture | 1,658,780 | 1,902,826 | -12.8% |
| Income from dealing in foreign currencies | (1,041,947) | 1,315,735 | |
| Gain on sale of securities – net | 329,735 | 1,904,872 | -82.7% |
| Unrealized (loss)/gain of revaluation of investments classified as held for trading | (53,594) | (23,641) | 126.7% |
| Other income | 136,544 | 447,022 | -69.5% |
| Total non mark-up /interest income | 10,742,671 | 16,433,728 | -34.6% |
| 51,003,964 | 56,673,810 | ||
| Non mark-up/interest expenses | |||
| Administrative expenses | 36,190,457 | 28,353,537 | 27.6% |
| Other provisions/write offs-net | 107,823 | 66,299 | 62.6% |
| Other charges | 309,220 | 507 | |
| Workers' Welfare Fund | 267,883 | 536,291 | -50.0% |
| Total non mark-up/interest expenses | 36,875,383 | 28,956,634 | 27.3% |
| Profit before taxation | 14,128,581 | 27,717,176 | -49.0% |
| Taxation | 6,000,506 | 12,040,056 | -50.2% |
| Profit after taxation | 8,128,075 | 15,677,120 | -48.2% |
| Earnings per share – basic and diluted (Rupees) | 5.42 | 10.56 | -48.7% |
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