Staff Reporter
Karachi
The Board of Directors of Bank AL Habib Limited (the Bank) announced the financial results for the nine months period ended September 30.
The Bank reported the profit before tax of Rs. 12.88 billion for the nine months period ended September 30, 2019 as compared to Rs. 9.92 billion for the corresponding period last year, showing a growth of 29.84 percent.
Earnings per share (EPS) recorded at Rs. 6.30 showing an increase of 18.64 percent over the corresponding period last year. Profit before provisions of the Bank grew by 55.14 percent. The Bank improved its net mark-up income by 33.42 percent.
Fee and Commission income which is earned mainly through trade business, general banking services, alternate delivery channels etc., showed exceptional increase of 25.84 percent over the corresponding period last year.
The bank’s foreign exchange income increased by 42.43 percent.Dividend income for the nine months period ended September 30, 2019 was recorded at Rs. 349 million. Prudent financing strategies and sound risk management policies of the Bank kept the non performing advances to gross advances ratio at 1.41 percent.
The bank has performed well in expanding revenue streams and curtailing its expenses which resulted in decrease in operating cost-to-income ratio to 55.84 percent from 62.54 percent compared to corresponding period last year.Deposits of the Bank increased by Rs. 65.41 billion bringing the total deposits to Rs. 862.31 billion as on September 30, 2019. Total assets of the bank recorded at Rs. 1.29 trillion showing an increase of 23.24 percent as compared to December 31, 2018.
The Bank continued with its strategy for outreach expansion adding significant branches every year. The Bank’s branch network with in Pakistan has now reached 744 branches / sub branches& 1 booth having coverage in 283 cities in Pakistan plus 3 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 with the network of over877ATMs across Pakistan.
