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The Board of Directors of Bank AL Habib Limited announced the financial results for the year ended December 31, 2019. The Bank reported profit after tax of Rs 11.17 billion for the year ended December 31, 2019 as compared to Rs 8.42 billion for the corresponding period last year, showing a growth of 32.66 percent. Earnings per share (EPS) was recorded at Rs 10.05 showing an increase of 32.76 percent over the corresponding period last year. The Bank declared a final cash dividend of 35 percent.

Profit before tax was Rs 19.01 billion showing an increase of 33.28 percent, whereas profit before provisions and tax increased by 54.41 percent. The Bank improved its net mark-up income by 33.32 percent. Fee and Commission income which is earned mainly through trade business, general banking services, alternate delivery channels, etc., showed an increase of 27.22 percent over the corresponding period last year. The Bank's foreign exchange income increased by 41.25 percent. Dividend income for the year ended December 31, 2019 was recorded at Rs 451 million.

Prudent financing strategies and sound risk management policies of the Bank kept the non performing advances to gross advances ratio at 1.46 percent. The Bank has performed well in expanding revenue streams, showing an increase in its non-markup income by 30.45 percent whilst curtailing its operating cost. Deposits of the Bank increased by Rs 106.84 billion bringing the total deposits to Rs 903.74 billion as on December 31, 2019. Total assets of the Bank were Rs 1.30 trillion showing an increase of 23.89 percent as compared to December 31, 2018.

The Bank continued with its strategy for outreach expansion, adding significant number of branches every year. The Bank's branch network has now reached 756 branches / sub branches& 2 booths having coverage in 289 cities in Pakistan plus 3 foreign branches (one each in Bahrain, Malaysia, Seychelles) and 4 representative offices (one each in Dubai, Istanbul, Beijing, Nairobi).In line with the Bank's vision to provide convenience to customers, the Bank is operating a network of over 898 ATMs across Pakistan.

During the year, the Bank received CFA Society of Pakistan's "Best Islamic Banking Window for the Year 2018" award and runner up award for "Best Bank of the year 2018 (Large Size Banks)". The Bank has also received Asian Development Bank's Trade Finance Program award for leading Partner Bank in Pakistan, 2019. These awards recognize the outstanding performance of any financial institution.-PR

Copyright Business Recorder, 2020

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