HabibMetro Bank surpassed assets value of Rs. 1 trillion in 2020 to become the tenth bank to have achieved this mark in Pakistan’s banking industry.
According to the bank’s financial report, its assets had increased to Rs. 1.017 trillion by end of 2020, from Rs. 859 billion a year earlier.
It enjoys an edge over other commercial banks by being a bank of various associated companies that are part of the House of Habib.
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In the outgoing 2020, the Bank of Punjab and HabibMetro Bank joined the club of banks with a value of over Rs. 1 trillion assets.
Banks like Habib Bank Limited, the National Bank of Pakistan, and United Bank Limited surpassed their assets valuing more than Rs. 2 trillion. The assets value of MCB Bank and Allied Bank Limited stood over Rs. 1.5 trillion. Besides, Bank Alfalah, Bank Al-Habib, and Meezan Bank achieved assets between Rs. 1.5 to Rs.1 trillion.
HabibMetro Bank’s Financial Data
HabibMetro Bank is a mid-tier bank and is one of the fastest-growing banks in Pakistan. It has reported the highest ever profit of Rs. 12 billion, with outstanding growth in profitability by 82 percent year-on-year.
Its deposits increased to Rs. 681 billion as compared to Rs. 612 billion at the end of the previous year, showing an increase of over Rs. 69 billion, according to the annual report.
Its investments increased by 30 percent and amounted to Rs. 584 billion, as compared to Rs. 448 billion on 31 December 2019. Its net advances increased by 18 percent over 31 December 2019 and stood at Rs. 680 billion.
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The bank had increased its footprint to 406 branches in 139 cities across Pakistan and had enhanced its outreach by adding 14 new branches in six more cities in 2020. It also installed 28 new Automated Teller Machines (ATMs), including 2 offsite ATMs last year. Hence, the total number of ATMs reached 436 across the country till year-end.
The bank is also operating as the subsidiary companies Habib Metropolitan Financial Services (HMFS), Habib Metropolitan Modaraba Management Company, First Habib Modaraba, and HabibMetro Modaraba.
It has become the ninth bank in Pakistan to be authorized to provide the service of Roshan Digital Accounts (RDAs) to overseas Pakistanis.
