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

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By MG News | 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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