Bank AL Habib declares pre-tax profit of Rs14.04bn

KARACHI: The Board of Directors of Bank AL Habib Limited on Wednesday announced the financial results of the Bank for the year ended December 31, 2017.

As per the results, the Bank continued its growth momentum even in the backdrop of low interest rate scenario and declared the pre-tax profit of Rs. 14.04 billion for the year ended December 31, 2017 as compared to Rs. 13.16 billion for the corresponding year showing a growth of 6.69 percent.

Profit after tax for the year was recorded at Rs. 8.65 billion against Rs. 8.12 billion for the corresponding year showing a growth of 6.53 percent. Earnings per Share (EPS) of the Bank were recorded at Rs. 7.78 per share.

The Bank's total assets base increased by 22.31 percent, compared to last year and reached Rs. 919.05 billion. It's loan book expanded significantly, standing at Rs. 339.83 billion as on December 31, 2017, showing an impressive growth of 30.00 percent in net advances, compared to the previous year end.

Advances to Deposits Ratio (ADR) of the Bank now stands at 49.07 percent.

Prudent financing strategies and sound risk management policies of the Bank resulted in decrease in non-performing to gross advances ratio to 1.52 percent as at December 31, 2017 as against 2.12 percent as on December 31, 2016.

Coverage ratio of Non-Performing Loans is also improved to 144.32 percent as at December 31, 2017 from 136.95 percent in December 31, 2016.

The Bank was said to continue mobilizing its low cost deposits through strong relationship management, customer centric approach and increasing reach to costumers. Accordingly, the Bank has opened 45 new branches resulting in increase in deposits by 18.56 percent as compared to corresponding year.

The Bank deposits have reached Rs. 692.58 billion, as on December 31, 2017. Its branch network has reached 650 branches/ sub branches having coverage in 238 cities of Pakistan and 3 branches and 3 representative office outside Pakistan.

In line with its vision to provide convenience to customers, the Bank is operating the network of 730 ATMs across Pakistan.

During the year, the Bank was claimed to have received "Top 25 Companies Award" from Pakistan Stock Exchange, "Leading Partner Bank" in Pakistan 2017 award from Asian Development Bank (ADB)- Trade Finance Program (TFP) and Best Bank of the Year award of 2016 (Mid-Size Banks) by Chartered Financial Analyst Society (CFA) for the fifth time.

These awards were said to recognize the Bank's strength, liquidity and sustainability in these challenging times.