HMB witnesses 10.6% YoY increase in quarterly profits

April 20, 2022 (MLN): Habib Metropolitan Bank (PSX: HMB) has unveiled its first-quarter financial results for the calendar year 2022. As per the results, the bank has made profits of Rs3.68 billion which is around 10.6% higher than the net profits of Rs3.33bn reported in the same period of CY21, the bank’s filing on PSX showed today.

The earnings per share for the same period stood at Rs3.44, which is around 11% higher than the Rs3.10 recorded in the same period of last year.

This slender increase in profits is attributable to an increase in non-funded income amid higher foreign exchange income and lower provision charges.

Going by the statement, the net interest income saw a marginal increase of 5.6% YoY to stand at Rs7.94bn in 1QCY22 due to a 35% increase in interest income.

While the bank witnessed a noticeable surge in non-interest income by 54% YoY to clock in at Rs3.36bn on account of higher fee and commission income which stood at Rs1.90bn coupled with a 2.78x YoY increase in foreign exchange income. The bank earned capital gains on securities worth Rs49.7mn, up by 32 times YoY in the said period under review.  

The operating expenses of the bank increased by 27% YoY to Rs4.73bn. On the other hand, the bank booked Rs408 provision charges in 1QCY22, down by 59% YoY which supported the financial health of the bank.

On the taxation front, the bank paid taxes worth Rs2.34bn, showing an increase of 52% compared to the taxes paid in the corresponding period last calendar year.

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