KARACHI: HabibMetro’s operating profit for the first six months increased by 51 percent amounting to Rs 8,449 million compared to Rs 5,592 million in the corresponding period last year.
This is result of strong performance on core interest margins as well as foreign exchange income. Due to higher provisioning, profit after tax increased by 29 percent amounted to Rs 4,118 million compared to Rs 3,176 million in the corresponding period last year, which translates into earnings per share of Rs 3.93.
Total non-fund income increased by robust 43 percent and amounted to Rs 4,749 million mainly on account of increase in foreign exchange income. The Bank’s cost to income ratio improved to 45.9 percent as compared to 53.1 percent in the corresponding period last year.
Investments increased by 10 percent and amounted to Rs 492,664 million compared to Rs 448,910 million. Advances reached Rs 292,424 million an increase of 11 percent over December 31, 2019 while total deposits stood at Rs 598,476 million.
During the period under review, in line with strategy, the Bank’s current deposits increased by 18 percent during the first half of the year to Rs 207,687 million. This resulted in an increased CA mix of 34.7 percent.
The Bank’s Net Equity stands at Rs 57,592 million with a strong capital adequacy level of 18.9 percent.
The Bank maintained AA+ (Double A Plus) ratings for Long Term, and A1+ (A one plus) ratings for Short Term by the Pakistan Credit Rating Agency Limited (PACRA) for the eighteenth consecutive year. These ratings denote a high credit quality, with a low expectation of credit risk, and a strong capacity for timely payment of financial commitments.—PR
Copyright Business Recorder, 2020
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