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HomeEquityHMB posts Rs6.96bn profits in 2HFY22

HMB posts Rs6.96bn profits in 2HFY22

August 19, 2022 (MLN): Habib Metropolitan Bank (PSX: HMB) has earned profits of Rs6.96 billion (EPS: Rs6.31) in the first half of the fiscal year ended on June 30, 2022, up by 7% YoY compared to Rs6.45bn in 2HFY21, the company filing on PSX showed today.

In conjunction with the results, the bank also announced an interim cash dividend for the half year ended at Rs2 per share i.e., 20%.

The net interest income saw a meager increase of 12.34% YoY to stand at Rs16.55bn in 2HFY22 compared to Rs14.73bn in 2HFY21.

On the other hand, the bank managed to lift its non-interest income by 50.78% YoY to clock in at Rs7.4bn on account of higher foreign exchange which jumped by 2.25x to stand at Rs2.84bn. Meanwhile, dividend income has also surged by 2x YoY to clock in at Rs149mn in 2HFY22.

The operating expenses of the bank have increased by 29.21% YoY, while the workers' welfare fund also moved up by 23% YoY in 2HFY22.

Meanwhile, the bank witnessed a notable decline in its provisions to clock in at Rs1.14bn, down by 36% YoY compared to Rs1.7bn in the review period. 

On the taxation front, the bank paid Rs5.58bn in terms of taxes, observing around a 61% increase compared to the taxes paid in 2HFY22.

Consolidated Profit and Loss Account for the half-year ended June 30, 2022 (Rupees in '000)

 

Jun-22

Jun-21

% Change

Mark-up/return/interest earned

53,979,026

35,572,174

51.75%

Mark-up/return/interest expensed

(37,421,986)

(20,834,404)

79.62%

Net mark-up/interest income

16,557,040

14,737,770

12.34%

NON-MARK-UP/INTEREST INCOME

     

Fee and commission income

4,052,320

3,355,162

20.78%

Dividend income

148,785

70,948

109.71%

Foreign exchange income

2,848,389

1,263,646

125.41%

Income/(loss) from derivatives

 

Gain /(loss) on securities

258,485

45,134

472.71%

Other income

96,056

175,729

-45.34%

Total non-mark-up/interest income

7,404,035

4,910,619

50.78%

Total income

23,961,075

19,648,389

21.95%

NON-MARK-UP/INTEREST EXPENSES

   

Operating expenses

9,957,592

7,706,723

29.21%

Workers Welfare Fund

267,399

216,335

23.60%

Other charges

39,652

 14,556

172.41%

Total non-mark-up/interest expenses

10,264,643

7,937,614

29.32%

Profit before provisions

13,696,432

11,710,775

16.96%

(Provisions)/reversal and write offs – net

(1,146,746)

(1,797,492)

-36.20%

Extra-ordinary / unusual items

–  

–  

 

Profit before taxation

12,549,686

9,913,283

26.59%

Taxation

(5,583,040)

 (3,461,695)

61.28%

Profit after taxation

6,966,646

6,451,588

7.98%

Earnings per share – Basic and Diluted (in Rupees)

6.31

5.98

5.52%

 

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Posted on:2022-08-19T11:41:27+05:00

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