April 20, 2023 (MLN): Habib Metropolitan Bank (PSX: HMB) has unveiled its first-quarter financial results for the calendar year 2023, as per which the bank made profits of Rs5.85 billion [EPS: Rs5.49] which is around 59% higher than the net profits of Rs3.68bn [EPS: Rs3.44] reported in the same period of CY22, the bank’s filing on PSX showed today.
Going by the statement, the net interest income saw a significant increase of 76.94% YoY to stand at Rs14.04bn in 1QCY23.
While the bank witnessed a noticeable surge in non-interest income by 18.31% YoY to clock in at Rs3.98bn on account of higher dividend income which surged by 89.94% YoY.
The operating expenses of the bank increased by 37.91% YoY to Rs6.71bn. Additionally, the bank booked Rs1.05bn provision charges in 1QCY23, inflating by 2.57x YoY which impacted the financial health of the bank.
On the taxation front, the bank paid taxes worth Rs4.4bn, showing an increase of 88.07% compared to the taxes paid in the corresponding period last calendar year.
|
Consolidated Profit and Loss Account for the quarter ended March 31, 2023 (Rupees in '000) |
|||
|---|---|---|---|
|
|
31 March 2023 |
31 March 2022 |
% Change |
|
Mark-up/return/interest earned |
44,847,935 |
23,744,171 |
88.88% |
|
Mark-up/return/interest expensed |
(30,803,625) |
(15,806,948) |
94.87% |
|
Net mark-up/interest income |
14,044,310 |
7,937,223 |
76.94% |
|
NON-MARK-UP/INTEREST INCOME |
|
|
|
|
Fee and commission income |
2,159,099 |
1,899,555 |
13.66% |
|
Dividend income |
131,230 |
69,090 |
89.94% |
|
Foreign exchange income |
1,813,692 |
1,332,040 |
36.16% |
|
Income/(loss) from derivatives |
– |
– |
|
|
Gain /(loss) on securities |
(142,402) |
49,705 |
– |
|
Other income |
19,624 |
14,605 |
34.36% |
|
Total non-mark-up/interest income |
3,981,243 |
3,364,995 |
18.31% |
|
Total income |
18,025,553 |
11,302,218 |
59.49% |
|
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
|
Operating expenses |
(6,539,852) |
(4,734,879) |
38.12% |
|
Workers Welfare Fund |
(178,410) |
(116,378) |
53.30% |
|
Other charges |
(5) |
(20,242) |
-99.98% |
|
Total non-mark-up/interest expenses |
(6,718,267) |
(4,871,499) |
37.91% |
|
Profit before provisions |
11,307,286 |
6,430,719 |
75.83% |
|
(Provisions)/reversal and write-offs – net |
(1,050,252) |
(408,299) |
157.23% |
|
Extra-ordinary / unusual items |
– |
– |
|
|
Profit before taxation |
10,257,034 |
6,022,420 |
70.31% |
|
Taxation |
(4,400,565) |
(2,339,809) |
88.07% |
|
Profit after taxation |
5,856,469 |
3,682,611 |
59.03% |
|
Earnings per share – Basic and Diluted (in Rupees) |
5.49 |
3.44 |
59.59% |
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Posted on: 2023-04-20T13:11:37+05:00
