Bank Al Habib posted its highest ever profit in 2019 with handsome profit growth of 32 percent year-on-year. The bank’s profit crossed Rs. 11 billion for 2019.
According to the financial results, the bank’s profit grew to Rs. 11.16 billion as compared to Rs. 8.41 billion recorded in 2018.
This growth in profitability was driven by higher interest rates and the revenue streams made through non-interest avenues.
The bank’s interest income surged to Rs. 41.1 billion in 2019 compared to Rs. 30.8 billion recorded in the preceding year.
Also, the non-interest income through commissions and dividend income also increased to Rs. 9.48 billion in 2019 as compared to Rs. 7.26 billion in 2018.
The share price of the bank also grew tremendously to Rs. 10.05 from Rs. 7.57 a year ago. The bank declared a dividend of Rs. 3.50 per share to its shareholders.
Bank Al Habib is one of the fastest growing banks in Pakistan. Its branch network continued to grow to over 750 and the management is focusing on enhancing its footprint by 200 in the current year.
The bank continued to expand its services in major cities on a priority basis, maintaining improved customer services including delivery of services and response to complaints.
The bank’s assets surged to over Rs. 1 trillion whereas its deposits also increased to over Rs. 800 billion.