HMB’s nine-month profits jump by 20% to Rs10.21bn

By MG News | October 25, 2021 at 11:09 AM GMT+05:00

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October 25, 2021 (MLN): Habib Metropolitan Bank (HMB) has observed an increase of 20% in its nine-month profits, standing at Rs10.21 billion which translated into an EPS of Rs9.51 when compared to the net profits of Rs8.53bn (EPS: 7.94) recorded the same period of last year.

The increase in profitability was primarily due to net interest income (NII).

During the period under review, the bank’s interest income came down by 9.4% YoY while interest expenses decreased by roughly 20% YoY, hence HMB’s net interest income (NII) stood at Rs22.39bn, showing an increase of 11.71% YoY during 9MCY21.

While, non-funded income (NFI) of the bank edged surged by 14.48% YoY to stand at Rs8.06bn due to a 31% increase in fee and commission income, around six-fold increase in other income coupled with a capital gain of Rs167mn against the loss of Rs99.83mn in the corresponding period last year. However, foreign exchange income went down by 21% YoY to Rs2.39bn during the said period.

Moreover, operating expenses went up by 13% YoY to Rs12.04bn whereas the bank witnessed Rs2.07bn provisions, up by 3.5% YoY that restricted its bottom-line. Nevertheless, the effective tax rate improved to 36% as compared to 39% in 9MCY20.

Consolidated Profit and Loss Account for the Nine-months ended September, 2021 (Rupees in '000)
	Sep-21	Sep-20	% Change
Mark-up/return/interest earned	54,462,149	60,093,440	-9.37%
Mark-up/return/interest expensed	(32,075,472)	(40,053,744)	-19.92%
Net mark-up/interest income	22,386,677	20,039,696	11.71%
NON-MARK-UP/INTEREST INCOME
Fee and commission income	5,140,249	3,932,893	30.70%
Dividend income	96,974	136,248	-28.83%
Foreign exchange income	2,389,731	3,029,153	-21.11%
Income/(loss) from derivatives	-	-	-
Gain /(loss) on securities	167,987	(99,826)	-
Other income	268,194	44,982	496.23%
Total non-mark-up/interest income	8,063,135	7,043,450	14.48%
Total income	30,449,812	27,083,146	12.43%
NON-MARK-UP/INTEREST EXPENSES
Operating expenses	12,036,570	10,645,111	13.07%
Workers Welfare Fund	323,420	325,185	-0.54%
Other charges	14,678	31,980	-54.10%
Total non-mark-up/interest expenses	12,374,668	11,002,276	12.47%
Profit before provisions	18,075,144	16,080,870	12.40%
Provisions and write offs - net	(2,068,759)	(1,999,253)	3.48%
Extra-ordinary / unusual items	-	-
Profit before taxation	16,006,385	14,081,617	13.67%
Taxation	(5,792,525)	(5,554,249)	4.29%
Profit after taxation	10,213,860	8,527,368	19.78%
Earnings per share - Basic and Diluted (in Rupees)	9.51	7.94	19.77%

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