April 22. 2020 (MLN): Habib Bank Limited (HBL) has announced its financial results for the 1st quarter ended March 31, 2020. According to the results, the bank has posted consolidated profits after tax of Rs 4.10 billion (EPS: Rs 2.79) against Rs 3.17 billion (EPS: Rs 2.08) in 1QCY20, up by 29% YoY.
The bank also announced an interim cash dividend for the 1QCY20 at Rs 1.25 per share i.e. 12.5%.
According to the financial results released by the bank, the interest income went up 41% YoY at Rs 72 billion in 1QCY20. However, interest expense also increased by 58% YoY, thereby curtailing growth in the bank’s net interest income (NII) to 20% YoY during the aforementioned period.
During the period under review, the bank’s non-funded income (NFI) dropped by 13%YoY on an account of foreign exchange losses of Rs 1.19 billion and losses from derivatives of Rs 280 million, However, the bank’s NFI was supported by capital gains of Rs 2.27 billion.
The bank’s operating expenses surged by 20% YoY to stand at Rs 25.63 billion while tax expense decreased by 42% YoY in 1QCY20.
Consolidated Profit and Loss Account for the quarter ended March 31, 2020 (Rupees '000) | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change |
Mark-up/return/profit/interest earned | 72,645,814 | 51,524,931 | 40.99% |
Mark-up/return/profit/interest expensed | 44,632,354 | 28,167,143 | 58.46% |
Net mark-up/return/profit/interest income | 28,013,460 | 23,357,788 | 19.93% |
Non-mark-up/interest income |
|
|
|
Fee and commission income | 4,730,547 | 5,332,333 | -11.29% |
Dividend income | 79,519 | 100,811 | -21.12% |
Share of profits of associates and joint venture | 255,349 | 891,248 | -71.35% |
Foreign Exchange (loss)/ Income | (1,193,768) | 465,879 | – |
(Loss) / income from derivatives | (280,304) | 184,516 | – |
(Loss) / gain on securities- net | 2,279,970 | (386,628) | – |
Other (loss) income | (93,812) | 58,507 | – |
Total non-mark-up /interest income | 5,777,501 | 6,646,666 | -13.08% |
Total Income | 33,790,961 | 30,004,454 | 12.62% |
Non mark-up/interest expenses |
|
|
|
Operating expenses | 25,639,193 | 21,440,799 | 19.58% |
Workers' Welfare Fund | 161,519 | 161,195 | 0.20% |
Other charges | 232,198 | 50,652 | 358.42% |
Total non-mark-up/interest expenses | 26,032,910 | 21,652,646 | 20.23% |
Profit/(loss) before provision and taxation | 7,758,051 | 8,351,808 | -7.11% |
Provision/(reversals) and write offs-net | 625,273 | (82,971) | – |
Profit before taxation | 7,132,778 | 8,434,779 | -15.44% |
Taxation | (3,024,676) | (5,257,226) | -42.47% |
Profit/(loss) after taxation | 4,108,102 | 3,177,553 | 29.29% |
Earnings per share – basic and diluted (Rupees) | 2.79 | 2.08 | 34.13% |
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