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Home Equity HMB’s profits edge higher by 8% YoY during CY19
  • Equity

HMB’s profits edge higher by 8% YoY during CY19

By
News Desk
-
February 28, 2020

February 28, 2020(MLN): Habib Metropolitan Bank Limited (HMB) has unveiled its financial results for CY19, as per which, the bank has reported an increase of 8.4% YoY in its profits to stand at Rs 6.96 billion against Rs 6.42 billion of the same period last year.

The slender increase in profitability was due to a rise in net interest income (NII), up by 8% YoY.

The bank’s interest income rose by 69%YoY at Rs 72 billion in CY19 but a greater percentage increase in interest expense by 2.1 times YoY restricted the growth in bank’s net interest income (NII) to 8% YoY during CY19.

During the period under review, non-funded income (NFI) of the bank jumped up by 21.5% YoY mainly on account of higher fee and commission income ( up by 28% YoY) and FX income (up by 2 times YoY) despite huge capital losses.

However, non-interest expenses of the bank surged by 10.8% YoY, limiting the favourable impact of increased NII and NFI on the bank’s net earnings. In CY19, the bank paid taxes worth Rs 4.66 billion, up by 19% YoY.

HMB’s basic and diluted earnings per share have been reported at Rs 6.34 per share while those recorded last year were Rs 5.90 per share.

Alongside financial results, the board of directors has announced a final cash dividend for the year ended Dec 31, 2019, at Rs 2.50per share i.e. 25%.

Consolidated Profit and Loss Account for the year ended on December 31, 2019 (Rupees in '000)

 

Dec-19

Dec-18

% Change

Mark-up/return/interest earned

 72,921,634

 43,060,826

69.35%

Mark-up/return/interest expensed

 (54,954,379)

 (26,406,518)

108.11%

Net mark-up/interest income

 17,967,255

 16,654,308

7.88%

NON-MARK-UP/INTEREST INCOME

 

 

 

Fee and commission income

 5,295,245

 4,144,073

27.78%

Dividend income

 101,797

 103,198

-1.36%

Foreign exchange income

 3,116,980

 1,498,410

108.02%

Income/(loss) from derivatives

 –  

 –  

 

Gain /(loss) on securities

 (1,167,204)

 84,805

–

Other income

 63,615

 269,272

-76.38%

Total non-mark-up/interest income

 7,410,433

 6,099,758

21.49%

Total income

 25,377,688

 22,754,066

11.53%

NON-MARK-UP/INTEREST EXPENSES

 

 

 

Operating expenses

 12,982,036

 11,797,688

10.04%

Workers Welfare Fund

 245,636

 197,947

24.09%

Other charges

 101,813

 31,105

227.32%

Total non-mark-up/interest expenses

 13,329,485

 12,026,740

10.83%

Profit before provisions

 12,048,203

 10,727,326

12.31%

(Provisions)/reversal and write offs – net

 (419,546)

 (382,427)

9.71%

Extra-ordinary / unusual items

 –  

 –  

 

Profit before taxation

 11,628,657

 10,344,899

12.41%

Taxation

 (4,666,911)

 (3,923,994)

18.93%

Profit after taxation

 6,961,746

 6,420,905

8.42%

Earnings per share – Basic and Diluted (in Rupees)

 6.34

 5.90

7.46%

 

Copyright Mettis Link News

Posted on: 2020-02-28T12:20:00+05:00

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