April 23, 2021 (MLN): Habib Metropolitan Bank Ltd (HMB) has announced its financial results for the 1QCY21 ended March 31, 2021. As per the results, the bank has reported its consolidated net profits of Rs 3.33 billion (EPS: Rs 3.10), i.e., 2x YoY higher than the net profits of Rs 1.64 billion (EPS: Rs 1.48) recorded in the same period last year.
As per an official report on the bank’s financial earnings, net interest income (NII) surged by 68% YoY to stand at Rs 7.51 billion due to a 39% YoY decrease in interest expenses during 1QCY21. However, interest income took a 16% YoY hit owing to a reduced policy rate.
During the period under review, despite a 22.3% rise in fee and commission income, non-funded income (NFI) dropped by 4.6% YoY on an account of a 39% YoY reduction in foreign exchange income, and a huge decline of 99% in capital gains in 1QCY21.
Meanwhile, the bank booked Rs 990 million provision charges in 1QCY21, up by 2 times YoY against Rs 484 million in the same period last year.
|
Consolidated Profit and Loss Account for the first quarter ended March 31, 2021 (Rupees in '000) |
|||
|---|---|---|---|
|
|
Mar-21 |
Mar-20 |
% Change |
|
Mark-up/return/interest earned |
17,540,956 |
20,872,712 |
-15.96% |
|
Mark-up/return/interest expensed |
(10,026,213) |
(16,390,668) |
-38.83% |
|
Net mark-up/interest income |
7,514,743 |
4,482,044 |
67.66% |
|
NON-MARK-UP/INTEREST INCOME |
|
|
|
|
Fee and commission income |
1,656,724 |
1,354,773 |
22.29% |
|
Dividend income |
39,523 |
36,901 |
7.11% |
|
Foreign exchange income |
479,646 |
782,001 |
-38.66% |
|
Income/(loss) from derivatives |
– |
– |
|
|
Gain /(loss) on securities |
1,531 |
104,705 |
-98.54% |
|
Other income |
6,477 |
10,477 |
-38.18% |
|
Total non-mark-up/interest income |
2,183,901 |
2,288,857 |
-4.59% |
|
Total income |
9,698,644 |
6,770,901 |
43.24% |
|
NON-MARK-UP/INTEREST EXPENSES |
|
|
|
|
Operating expenses |
3,724,625 |
3,562,300 |
4.56% |
|
Workers Welfare Fund |
109,029 |
68,184 |
59.90% |
|
Other charges |
8,481 |
6,404 |
32.43% |
|
Total non-mark-up/interest expenses |
3,842,135 |
3,636,888 |
5.64% |
|
Profit before provisions |
5,856,509 |
3,134,013 |
86.87% |
|
(Provisions)/reversal and write offs – net |
(989,923) |
(484,126) |
104.48% |
|
Extra-ordinary / unusual items |
– |
– |
|
|
Profit before taxation |
4,866,586 |
2,649,887 |
83.65% |
|
Taxation |
(1,537,139) |
(1,011,380) |
51.98% |
|
Profit after taxation |
3,329,447 |
1,638,507 |
103.20% |
|
Earnings per share – Basic and Diluted (in Rupees) |
3.10 |
1.48 |
109.46% |
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