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KARACHI: The Board of Directors of Bank AL Habib Limited (the Bank) announced the Bank’s financial results for the nine months period ended 30 September 2021. The Bank posted profit after taxation of Rs13.93 billion i.e. an increase of 6.05 percent compared to corresponding period last year.

The Bank’s profit before tax was recorded at Rs22.31 billion, translating into an EPS of Rs12.53 per share as against Rs11.82 per share for the corresponding period last year. The Bank reported an increase in foreign exchange income by 35.61 percent. Dividend income for the nine months period ended September 30, 2021 was recorded at Rs499.38 million. The Bank managed to significantly increase its fee and commission income by 39.56 percent as compared to the corresponding period last year.

Total Assets reached to Rs1.86 trillion, an increase of 22.05 percent as compared to 31 December 2020. Net loans and advances grew by 29.20 percent to reach Rs659.23 billion whilst the investments increased by 22.20 percent to reach Rs934.74 billion, leading to overall growth in the total assets. Due to the Bank’s sound risk management practices and prudent financing strategy, the NPL ratio of the Bank fell to 0.99 percent. The Bank achieved a coverage ratio of 190.37 percent which reflects the prudent approach adopted towards non-performing loans.

Deposits of the Bank increased 15.72 percent bringing the total deposits to Rs1.27 trillion as on 30 September 2021. Gross Advances to deposit ratio stood at 52.80 percent.

The Bank continued with its strategy for outreach expansion, adding significant number of branches every year. The Bank opened 103 branches during the year to date. The Bank’s branch network has now reached 950 branches / sub branches and 3 booths having coverage in 380 cities in Pakistan, 3 foreign branches (one each in Bahrain, Malaysia, Seychelles) and 4 representative offices (one each in Dubai, Istanbul, Beijing, Nairobi) outside Pakistan. In line with the Bank’s vision to provide convenience to customers, the Bank is operating a network of 1,142 ATMs across Pakistan.

In September 2021, the Bank successfully completed its eighth issue of rated, unsecured, and subordinated Term Finance Certificates (TFCs). PACRA has assigned rating of AA+ (Double A plus) for this Tier-II TFC-2021.

Pakistan Credit Rating Agency Limited (PACRA) has upgraded the Bank’s long-term entity rating from AA+ (Double A plus) to AAA (Triple A) while maintaining the short-term entity rating at A1+ (A One plus). This long-term credit rating (AAA) denotes the highest credit quality with the lowest expectation of credit risk, and indicates exceptionally strong capacity for timely payment of financial commitments.

The ratings of our pre-existing unsecured, subordinated Term Finance Certificates (TFCs) were also upgraded from AA (Double A) to AA+ (Double A plus) for TFC-2018 and from AA- (Double A minus) to AA (Double A) 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.

Copyright Business Recorder, 2021

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