Habib Bank Limited (HBL) will inject Rs 500 million in its wholly-owned subsidiary namely HBL Asset Management Limited.

The bank informed that it has received approval from the State Bank of Pakistan (SBP) on its proposal for undertaking an equity injection, it said in a notification to the bourse.

HBL Asset Management Limited is one of the leading asset management company of Pakistan, dealing in Mutual Funds, Pension Schemes and Investment Advisory Services.

HBL Asset Management Limited was incorporated on 17 February, 2006 as a public limited company under the Companies Ordinance 1984 and was licensed for Investment Advisory and Asset Management Services by Securities and Exchange Commission of Pakistan on 3rd April, 2006.

HBL in 1HCY20 saw its after-tax profits nearly quadrupled yearly-on-year to Rs15.18 billion, and paid more tax than it made in pretax profits in the same period last year. Whereas, the pre-tax profits grew by over 2.5 times year-on-year.