Bank Al-Habib recorded a staggering profit growth of 87% in the nine-month of 2020 compared with a similar period of last year.
According to the financial results, the bank recorded a healthy profit of Rs. 13.13 billion in the period of January to September 2020 as compared to Rs. 7 billion profit recorded in the corresponding period of 2019.
The bank carried out its aggressive financing strategy through incentive schemes of the central bank which bode well for the profit growth despite a significant reduction of the policy rate in 2020.
The bank’s earnings from interest income surged to a massive level of Rs. 44 billion in three quarters of 2020 as compared to Rs.30 billion reported in the similar period of last year. Its non-markup revenues also surged to Rs. 7 billion from Rs. 6.6 billion of the last year.
The bank’s expenses also grew to Rs. 25. 6 billion from Rs. 20.9 billion during the comparison period. The earnings per share of the bank surged to Rs. 11.82 from 6.30 billion.
The bank is operating with more than 800 branches. Its value of deposits and assets surged to over Rs. 1 trillion.
Bank Al-Habib is one of the leading banks with a consistent expansion in footprints in major cities.