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Home Business Key takeaways of HBL 3QCY19 financial results

Key takeaways of HBL 3QCY19 financial results

by admin
October 17, 2019
in Business

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Staff Reporter

Karachi

The management of HBL held a conference call on Wednesday to discuss the 3QCY19 results and give an outlook of the bank’s strategy, going forward. HBL CEO Muhammad Aurangzeb and CFO Rayomond Kotwal led the discussion.
Adjusted for one-offs such as revaluation loss on open FX position (PKR 1.8bn) and capital loss on sale of previously impaired securities (PKR 2.1bn), PBT of the bank during 9M is up 11% YoY. The management once again reiterated that costs associated with business transformation and NY are on a downward trajectory.
Business transformation costs are completed for the domestic business while the international business costs will be nominal. Winding down of NY branch is expected to be completed in 2020.