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

By MG News | February 28, 2020 at 12:20 PM GMT+05:00

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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%

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