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Saturday November 27, 2021

BAHL half-year net up 25.10pc to Rs9.04bln

August 05, 2021

KARACHI: Bank Al Habib Limited (BAHL) on Wednesday announced its profit after taxation for the half year ended June 30, 2021 surged 25.10 percent to Rs9.04 billion over same period last year.

The bank said its profit before tax jumped 18.51 percent to Rs14.34 billion compared to corresponding period last year. This increase, according to the bank, was driven by markup income as well as fees and commission income translating into an EPS (earnings per share) of Rs8.13 per share as against Rs6.50 per share in the same period last year.

Bank’s net markup income increased to Rs27.40 billion, reflecting its success in maintaining sustainable growth, the statement said.

It said despite the challenging conditions and free online offerings during the pandemic Covid-19, Bank Al Habib managed to significantly increase its fee and commission income by 42.70 percent as compared to the first half of 2020.

Furthermore, the bank’s total assets reached Rs1.85 trillion, up 21.59 percent compared to half-year ended December 31, 2020.

Net loans and advances grew 18.23 percent to reach Rs603.26 billion whilst the investments increased 28.59 percent to reach Rs983.66 billion, leading to overall growth in the total assets. Due to the bank's sound risk management practices and prudent financing strategy, the NPL (non-performing loans) ratio was recorded at 1.07 percent.

The bank achieved a coverage ratio of 189.43 percent which reflects the prudent approach adopted towards non-performing loans. Deposits of the bank increased 11.30 percent bringing the total deposits to Rs1.22 trillion as on 30 June 2021. Gross Advances to deposit ratio stood at 50.31 percent.

The bank continued with its strategy for outreach expansion, adding significant number of branches every year. Bank Al Habib’s branch network has now reached 939 branches/sub branches and two booths having coverage in 376 cities in Pakistan, three foreign branches (one each in Bahrain, Malaysia, Seychelles) and four representative offices (one each in Dubai, Istanbul, Beijing, Nairobi) outside Pakistan.