HabibMetro Bank Records 29% Profit Growth in H1 2020

HabibMetro Bank made a profit of Rs. 4.1 billion in the first half of 2020 with a year-on-year growth of 29 percent.

The bank’s earnings per share also surged to Rs. 3.93 from Rs. 3.03.

Its interest income stood at Rs. 10.7 billion, and non-markup income stood at Rs. 4.7 billion, whereas it reported an expense of over Rs. 7 billion, excluding Rs. 2.7 billion taxes paid to the government on different accounts.

Due to the economic slowdown in the wake of COVID-19, banks had the additional responsibility of providing relief to the customers through the government’s schemes. They introduced various low markup loans to stimulate the economy.

Results of the extensive interest schemes are yet to show; however, the balance sheets of the banks reflected strong growth in most of the cases. HabibMetro is one of the banks which also made a profit out of the situation.

Banks proved to be beneficiaries of the situation during the pandemic with their role being instrumental in reviving the economy.