Bank Al-Habib Limited maintained an outstanding profit growth of almost 62% in the first half of 2020 compared with the same period of last year, beating the odds of the coronavirus induced economic strain and related issues.
According to the financial results, the bank made a profit of Rs. 7.22 billion from January to July as compared to a profit of Rs. 4.46 billion in the similar period of last year, showing an increase of over Rs. 2.7 billion.
The bank’s earnings per share surged to Rs. 6.50 from Rs. 4.01.
During the Q2 2020 when the lockdown hit economic activities, the bank’s profit grew by over 80% or Rs. 1.9 billion year-on-year, reaching Rs. 4.3 billion.
Banks emerged as gainers during the prevailing situation despite deferring billions in taxes to give relief to their customers and advanced billions in loans at low-interest rates to stimulate the economy.
They even waived off various service charges on digital services and spent additional resources in branches for customers but their balance sheet remains outstanding, which is a good omen.
Bank Al-Habib is operating a network of over 800 branches. Its branch network includes 87 Islamic Banking Branches and 3 Overseas Branches.
The management of the bank intends to open more branches during the second half of 2020.