HMB reports Q3 earnings of Rs7.7bn, declares dividend

By MG News | Category Q32024 | October 25, 2024 at 04:09 PM GMT+05:00

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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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