BAHL declares Rs7.23bln net profit

KARACHI: Bank AL Habib Limited has announced the financial results for the half year ended June 30, 2020.

According to the financial results, the bank’s profit after tax was recorded at Rs7.23 billion for the half year ended June 30, 2020 as compared to Rs4.46 billion for the corresponding period last year, showing a growth of 61.96 percent. The bank’s earnings per share (EPS) was recorded at Rs6.50, a statement said.

Profit before tax was recorded at Rs12.10 billion showing an increase of 41.61 percent, whereas profit before provisions and tax was reported at Rs14.28 billion. The bank improved its net mark-up income by 38.65 percent.

Deposits increased by Rs138.02 billion bringing the total deposits to Rs1.04 trillion as on June 30, 2020 showing a growth of 15.27 percent. Advances of the bank increased by 4.43 percent, bringing the total net advances to Rs510.31 billion as on June 30, 2020 as compared to 488.67 as on December 31, 2019, the statement showed.

Due to prudent financing strategies and sound risk management policies of the bank, the non performing advances to gross advances ratio remained low, recording at 1.54 percent. Total assets of the bank were recorded at Rs. 1.53 trillion showing an increase of 17.93 percent as compared to December 31, 2019.

The bank continued with its strategy for outreach expansion, adding significant number of branches every year. Its branch network has now reached 828 branches / sub branches and 2 booths having coverage in 328 cities in Pakistan plus 3 foreign branches (one each in Bahrain, Malaysia, Seychelles) and 4 representative offices (one each in Dubai, Istanbul, Beijing, and Nairobi).

In line with the bank’s vision to provide convenience to customers, it is operating a network of over 969 ATMs across Pakistan. Pakistan Credit rating Agency (PACRA) has maintained the bank’s long-term and short-term entity ratings at AA+ (Double A plus) and A1+ (A One plus), respectively.