August 25, 2023 (MLN): Habib Metropolitan Bank (PSX: HMB) has unveiled its financial results for the first half of the calendar year 2023, as per which the bank made profits of Rs12.14 billion [EPS: Rs11.32] which is around 74.28% higher than the net profits of Rs7bn [EPS: Rs6.31] reported in the same period of CY23, the bank’s filing on PSX showed today.
Along with the results, the bank announced an interim cash dividend for the half-year ended June 30, 2023, at Rs5 per share, i.e. 50%.
Going by the statement, the net interest income saw a significant increase of 90.98% YoY to stand at Rs31.62bn in 1HCY23.
While the bank witnessed a slight increase in non-interest income by 8% YoY to clock in at Rs8bn on account of higher dividend income which surged by 87.3% YoY, while the bank incurred a loss on securities of Rs211.33 million.
The operating expenses of the bank increased by 38.07% YoY to Rs13.75bn. Additionally, the bank booked Rs1.05bn provisions/write-offs worth Rs2.33bn which was 2.04x higher than that of last year, which impacted the financial health of the bank.
On the taxation front, the bank paid taxes worth Rs10.82bn, showing an increase of 93.8% compared to the taxes paid in the corresponding period last calendar year.
| Consolidated Profit and Loss Account for the half-year ended June 30, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Jun 23 | Jun 22 | % Change | |
| Mark-up/return/interest earned | 97,459,138 | 53,979,026 | 80.55% |
| Mark-up/return/interest expensed | (65,839,024) | (37,421,986) | 75.94% |
| Net mark-up/interest income | 31,620,114 | 16,557,040 | 90.98% |
| NON-MARK-UP/INTEREST INCOME | |||
| Fee and commission income | 4,558,878 | 4,052,320 | 12.50% |
| Dividend income | 278,671 | 148,785 | 87.30% |
| Foreign exchange income | 3,307,191 | 2,848,389 | 16.11% |
| Income/(loss) from derivatives | |||
| Gain /(loss) on securities | (211,327) | 258,485 | – |
| Other income | 62,725 | 96,056 | -34.70% |
| Total non-mark-up/interest income | 7,996,138 | 7,404,035 | 8.00% |
| Total income | 39,616,252 | 23,961,075 | 65.34% |
| NON-MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 13,748,692 | 9,957,592 | 38.07% |
| Workers Welfare Fund | 541,065 | 267,399 | 102.34% |
| Other charges | 32,198 | 39,652 | -18.80% |
| Total non-mark-up/interest expenses | 14,321,955 | 10,264,643 | 39.53% |
| Profit before provisions | 25,294,297 | 13,696,432 | 84.68% |
| (Provisions)/reversal and write offs – net | (2,332,882) | (1,146,746) | 103.43% |
| Extra-ordinary / unusual items | – | – | |
| Profit before taxation | 22,961,415 | 12,549,686 | 82.96% |
| Taxation | (10,820,150) | (5,583,040) | 93.80% |
| Profit after taxation | 12,141,265 | 6,966,646 | 74.28% |
| Earnings per share – Basic and Diluted (in Rupees) | 11.32 | 6.31 | – |
Amount in thousand except for EPS
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Posted on: 2023-08-25T10:18:12+05:00
