Bank Al-Habib Limited witnessed a slight drop in profit growth by 4 percent in the first half of 2018 compared to the previous financial year.
According to the bank’s financial statement, the bank’s consolidated profit stands at Rs. 4.21 billion during the period of January to July 2018 as compared to Rs. 4.42 billion recorded in the similar period of 2017.
The bank registered an impressive double-digit growth in interest income with 18 percent year-on-year growth translating into overall earnings of Rs 15 billion in the first half. On the other hand, the bank’s non-interest income declined by 32 percent to reach Rs. 3.35 billion in the same period.
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The overall revenues of the bank decreased to Rs. 7.102 billion in the first half of 2018 as compared to Rs. 7.549 billion recorded in the corresponding period of 2017, depicting a decline of 5.9 percent in the growth. The earnings per share of the bank also reduced slightly to Rs 3.79 from Rs 3.98.
Bank Al Habib is one of the growing banks because of its improved banking services. Its position stands at number seventh after Bank Alfalah, Allied Bank, National Bank of Pakistan, Habib Bank Limited, MCB Bank and United Bank Limited in terms of branch strength.
The bank now has a network of more than 661 offices, comprising 613 branches, 45 sub-branches, and 3 Representative Offices. The branch network includes 53 Islamic Banking branches and 3 overseas branches.
Continuing with the branch expansion policy, the bank intends to open more branches during the year 2018.
The bank’s deposits increased to more than Rs. 718.3 billion whereas its advances increased to more than Rs. 352.4 billion.
