HMB reports Q3 earnings of Rs7.7bn, declares dividend
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MG News | October 25, 2024 at 04:09 PM GMT+05:00
October 25, 2024 (MLN): Habib Metropolitan Bank Limited (PSX: HMB)'s earnings for the quarter ended September 30, 2024 (3QCY24) inched up to Rs7.71 billion [EPS: Rs7.14], up by 1.17% compared to the earnings of incurred in the same period last year (SPLY).
The Board of Directors (BoD) has also recommended an interim cash at Rs2.5 per share i.e. 25%.
The analysis of the income statement shows that the bank's net interest income (NII) dropped to Rs19.91bn in Q3 CY24 due to monetary easing.
On the other hand, the bank’s total non-markup income surged by around 89.89% to Rs5.66bn, owing to a spike in foreign exchange income that was reported at Rs1.67bn.
All the remaining heads under the non-markup income section also witnessed improvement, with rising fee and commission income, as well as dividend income.
On the expense side, the bank’s non-markup expenses increased by 17.11% to Rs9.37bn in Q3 CY24.
The increase was attributed to the jump of 15.93% in operating expenses, rising from Rs7.74bn to Rs8.97bn in the quarter under review.
Similarly, HMB’s expenses towards the Workers' welfare fund and other charges also went up during the review period.
In addition, the bank incurred a provision expense of Rs1.07bn during the review period.
The bank paid Rs7.42bn on the tax front, 2.34% higher than the amount paid in Q3 CY23.
| Consolidated Profit and Loss Account for the first quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep-24 | Sep-23 | % Change | |
| Mark-up/return/interest earned | 64,815,637 | 53,378,676 | 21.43% |
| Mark-up/return/interest expensed | (44,905,891) | (32,348,388) | 38.82% |
| Net mark-up/interest income | 19,909,746 | 21,030,288 | -5.33% |
| NON MARK-UP/INTEREST INCOME | |||
| Fee and commision income | 2,961,041 | 2,533,938 | 16.86% |
| Dividend income | 196,034 | 186,655 | 5.02% |
| Foreign exchange income | 1,667,370 | 137,600 | 1111.75% |
| Income/(loss) from derivatives | |||
| Gain /(loss) on securities | 813,361 | 109,097 | 645.54% |
| Other income | 18,484 | 11,428 | 61.74% |
| Total non mark-up/interest income | 5,656,290 | 2,978,718 | 89.89% |
| Total income | 25,566,036 | 24,009,006 | 6.49% |
| NON MARK-UP/INTEREST EXPENSES | |||
| Operating expenses | 8,972,810 | 7,739,957 | 15.93% |
| Workers Welfare Fund | 310,885 | 255,591 | 21.63% |
| Other charges | 82,942 | 2,925 | 2735.62% |
| Total non mark-up/interest expenses | 9,366,637 | 7,998,473 | 17.11% |
| Profit before provisions | 16,199,399 | 16,010,533 | 1.18% |
| Credit loss allowance and write offs - net | (1,067,542) | (1,137,697) | -6.17% |
| Extra-ordinary / unusual items | - | - | |
| Profit before taxation | 15,131,857 | 14,872,836 | 1.74% |
| Taxation | (7,422,660) | (7,253,105) | 2.34% |
| Profit after taxation | 7,709,197 | 7,619,731 | 1.17% |
| Earnings per share - Basic and Diluted (in Rupees) | 7.14 | 7.11 | - |
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