Habib Metropolitan Bank has announced its financial results for the half-year that ended on June 30, 2018.
The Bank posted a profit of Rs 2.94 billion for the first half of 2018 which was up by 31.25% from Rs 2.24 billion in the same period of the previous year due to growth in net interest income and lower provisions.
The profitable financial performance led Habib Metro Bank to record an annualized Earning Per Share of R2.81 from Rs 2.41.
Earnings showcased tremendous growth mainly due to a surge in net interest income on the back of increased earning assets, and robust growth in deposits.
The Bank’s Net markup/interest income increased by 14.6% to Rs 7.99 billion while Net markup/interest income after provisions increased by 19.6% to Rs 7.47 billion, as compared to the same period last year.
Fee, commission and brokerage income increased by 11.38% and the total non-mark-up/interest income was reduced by 2.16%.
In the 2nd quarter, the bank announced a profit of Rs 1.37 billion, up by 44% from Rs 952 million the corresponding quarter.
Earnings per share for the quarter was increased by Rs 1.31 from Rs 0.91
During the 2nd quarter, the bank posted 17% YoY higher Net Interest Income (NII) as the bank witnessed a 23% YoY growth in Interest Earned. On the other hand, where Income from FX dealing jumped by two times YoY, total Non-Interest Income declined by 18% YoY as the bank recorded an insignificant gain on sale of securities during the quarter.
HMB’s script at the bourse was trading at Rs 42, up by Rs 0.10, with a turnover of 324,500 shares.
Habib Metro continues to expand its footprint across Pakistan with a growing network of 308 branches in 88 cities across Pakistan, with an aim to further enhance its branch outreach in 2018. HabibMetro Bank is a subsidiary of Habib Bank AG Zurich, a multi-national banking group that enjoys a financial presence in 9 countries across 4 continents.