KARACHI: The Board of Directors of Bank AL Habib Limited (the Bank) announced the financial results for the half year ended June 30, 2020. According to the financial results, the Bank's profit after tax was recorded at Rs 7.23 billion for the half year ended June 30, 2020 as compared to Rs 4.46 billion for the corresponding period last year, showing a growth of 61.96 percent. Earnings per share (EPS) was recorded at Rs 6.50. Profit before tax was recorded at Rs 12.10 billion showing an increase of 41.61 percent, whereas profit before provisions and tax was reported at Rs 14.28 billion. The Bank improved its net mark-up income by 38.65 percent.
Deposits of the Bank increased by Rs 138.02 billion bringing the total deposits to Rs 1.04 trillion as on June 30, 2020 showing a growth of 15.27 percent. The advances of the Bank increased by 4.43 percent, bringing the total net advances to Rs 510.31 billion as on June 30, 2020 as compared to 488.67 as on December 31, 2019. Due to prudent financing strategies and sound risk management policies of the Bank, the non performing advances to gross advances ratio remained low and was recorded at 1.54 percent. Total assets of the Bank were recorded at Rs 1.53 trillion showing an increase of 17.93 percent as compared to December 31, 2019.
Pakistan Credit rating Agency (PACRA) has maintained the Bank's long term and short term entity ratings at AA+( Double A plus) and A1+ (A One plus), respectively. The ratings of our unsecured, subordinated Term Finance Certificates (TFCs) are AA (Double A) for TFC-2016 and TFC-2018, and AA- (Double A minus) for TFC- 2017 (perpetual). These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments.-PR
Copyright Business Recorder, 2020
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