Bank Al Habib posted a profit of Rs. 4.96 billion, showing a modest growth of 7.88 percent during the first quarter of 2022 as compared to Rs. 4.6 billion in the corresponding period last year.
The bank’s profit before tax was recorded at Rs. 8.18 billion, showing a growth of 15.95 percent as compared to the corresponding period last year, driven by markup income as well as fees and commission income, translating into an EPS of Rs. 4.47 per share as against Rs. 4.14 per share for the corresponding period last year.
Net markup income increased by 22.23 percent as compared to the corresponding period last year bringing it to Rs. 16.02 billion, reflecting the Bank’s success in maintaining sustainable growth. The Bank managed to increase its fee and commission income by 23.07 percent as compared to the first quarter of 2021.
The assets reached Rs. 1.82 trillion as of 31 March 2022. The deposits of the bank increased to Rs. 1.37 trillion as of March 31, 2022. The gross advances to deposit ratio stood at 55.62 percent.
The bank continued with its strategy for outreach expansion, adding a significant number of branches every year. The bank’s branch network has now reached 1,000 branches/sub-branches and 3 booths having coverage in 406 cities in Pakistan, two foreign branches (one each in Bahrain and Malaysia), and four representative offices (one each in Dubai, Istanbul, Beijing, Nairobi) outside Pakistan. In line with the Bank’s vision to provide convenience to customers, the Bank is operating a network of 1,210 ATMs across Pakistan.
Pakistan Credit Rating Agency Limited (PACRA) has maintained the Bank’s long-term entity and short-term entity ratings at AAA (Triple-A) and A1+ (A One Plus), respectively. This long-term credit rating AAA (Triple-A) denotes the highest credit quality with the lowest expectation of credit risk and indicates an exceptionally strong capacity for timely payment of financial commitments.
