HABIBMETRO continued its growth momentum by posting an 88% year-on-year increaseanddeclaring a profit-before-tax of Rs. 52 billion for the year ended Dec 31, 2023. The increase in profitability was led by core earnings as the net interest margin improved by 76% year-on-year. Total deposits of the Bank exceeded Rs. 1 trillion, posting a growth of 15% from last year.
CASA deposits reached Rs. 744 billion with a year-on-year growth of 32%.
Gross advances marginally declined from last year by 4% to Rs. 439 billion with an infection ratio of 4.5%.
The Bank’s total assets amounted to Rs. 1.56 trillion and posted a year-on-year growth of 11%. Net equity stood at Rs. 93.28 billion with a strong capital adequacy level of 18.26%.
The Bank’s returns to shareholders increased significantly, with earnings per share increasing by 71% year-on-year to Rs. 23.27 (compared to Rs. 13.61 in 2022). HABIBMETRO’s Board of Directors approved a final cash dividend of 55% (Rs. 5.5 per share) in addition to the interim dividend already paid at 50% (Rs. 5.0 per share)totaling 105% (Rs. 10.5 per share) for the year.The dividend payout has increased by 100% year-on-year.
“We are grateful for the blessings of the Almighty as we have surpassed PKR 1 trillion in deposits and achieved a 71% increase in profitability this year.
Our success is a testament to the trust that our customers have placed in us and the dedicated effort of our team. Going forward in 2024, we remain committed to serving our customers with a comprehensive suite of banking solutions and anticipate a continued trajectory of growth with a focus on technology,” said Khurram Shahzad Khan, President & CEO, HABIBMETRO.
During the year, the client base within the individual and business segments grew significantly.
All key segments including retail banking, corporate banking, commercial banking, SIRAT Islamic banking and digital banking continued to remain the core focus of the Bank. Additionally, HABIBMETRO added 25 branches to its branch network across Pakistan in 2023, while converting 53 conventional branches into Islamic Banking branches.
Moreover, the Pakistan Credit Rating Agency (PACRA) assigned premium credit ratings of AA+ and A1+ to HABIBMETRO for the 23rd consecutive year.
