Habib Bank Limited Tuesday declared Q3 2019 profit before tax of Rs 8.4 billion, more than double over the corresponding period of last year. HBL's core domestic business continues on a positive trajectory with all drivers showing strong growth. Consolidated profit before tax of Rs 18.3 billion for the nine months ended September 30, 2019, 3 percent higher than for the corresponding period last year. The bank's international business is also starting to show positive trends.
HBL's earnings per share for 9M'19 are at Rs 5.89. Along with the results, the Board declared a dividend of Rs 1.25 per share (12.5%). HBL's total domestic deposits increased by Rs 118 billion, staying above the Rs 2.0 trillion mark. Most of this growth came from CASA deposits, improving the CASA ratio to nearly 86%. HBL's total advances increased by more than 8% over last year to Rs 1.2 trillion. This strong commitment, in the face of strong headwinds, to our customers and to lending in the real economy has resulted in our ADR increasing to 54.4%.
HBL's total interest income increased by 23%, to Rs 74.1 billion. Fees and commission continued its impressive growth, increasing by 21% to Rs 15.5 billion, with Investment Banking, Cards and Trade delivering excellent sustained revenues. Profit after tax for this period is lower than last year due to the retrospective imposition of Super Tax on 2017 earnings.
HBL continues its journey towards becoming a 'Technology company with a banking license,' from being just a financial institution. In this journey, Technology and People are the enabling blocks. Moreover, the Bank continues to hold its market-leading position in most business segments.
During Q3, HBL forged partnerships and introduced digital innovations to maintain its position as Pakistan's premier bank. In doing so, the Bank strived to enhance customer lifestyle experiences. HBL Konnect's partnership with Alkaram Studio reflects this effort. Through this agreement, HBL Konnect will integrate its digital solutions for Alkaram Studio shoppers, both online and at physical store-fronts. HBL has also joined forces with Careem. This partnership with Careem is a commitment by HBL to provide unparalleled benefits to its staff, and to work together towards improving business practices through seamless service solutions.
HBL has also renewed its 12-year strong relationship with VISA. VISA's data confirms that HBL's credit cards are consistently ranked as Pakistan's number one VISA credit cards. The next phase of this partnership will see the adoption of dynamic methods and the use of technology to take customer convenience and service to even greater heights.
CPEC and China related activities occupy a leading position in HBL's business. In Q3 2019, HBL signed a landmark agreement with Ufone, extending a bilateral Trade Finance Facility in Chinese RMB for the first time, for the import of cellular network equipment through Huawei Technologies Ltd. This agreement improves Pakistan-China relations and allows HBL to provide its customers yet another dynamic financial solution in a global currency.
HBL is honored to not only renew but expand its partnership with Benazir Income Support Group's (BISP) and focus on introducing initiatives that will provide women an opportunity to open a savings account. HBL is leading financial inclusion for women through its innovative value added offerings, like HBL Konnect. Through this agreement, HBL will enable the payment of quarterly stipend of Rs 5000 under the Government of Pakistan's 'Kifalat Program to approximately 6 million women living below the poverty line in Punjab, Sindh and Balochistan from 2020-2022. This partnership will allow BISP to make use of HBL's extensive reach through its network of HBL Konnect agents and biometrically enabled ATMs spread across the country.
The Bank continues to engage in sharing best practices with its client base. HBL's Global Operations hosted Trade Seminars to highlight its commitment towards promoting exports from Pakistan and providing high quality service within mandated risk and compliance principles. HBL Treasury & Global Markets led 'Market Scan' seminars to showcase its treasury products and give an overview of the current and future economic outcomes.
During the quarter, the Bank continued to be recognized, through multiple international awards, for its superior brand, products and services and for its ability to execute landmark deals. Asian Banking Finance awarded HBL Best Corporate & Investment Bank. Asiamoney awarded HBL awards for Best Local Bank in the Region for BRI (South Asia). HBL's focus on gender diversity and inclusion was recognized by the Asian Development Bank who awarded HBL the prestigious Gender Champion Award. HBL won the World Branding Awards - Best Financial Brand in Pakistan.-PR
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