KARACHI: HABIBMETRO Bank posted a profit-before-tax of Rs. 9.7 billion for the first half of 2021, with its profitability increasing 41.4% year-on-year. This boost in profitability was driven by strong performance in core earnings as the net interest margin improved by 34%.
The Bank’s return to shareholders also increased significantly with Earnings Per Share increasing by 51% year-on-year to Rs. 5.94 (compared to Rs. 3.93 in H1 2020). The Board Of Directors, in its recently held meeting, approved an interim cash dividend of 20% (Rs. 2 per share).
Total deposits of the Bank increased to Rs. 764 billion at the end of June 2020, posting a growth of 27.7% year-on-year.
Meanwhile, current deposits increased to Rs. 286 billion, growing by 29% year-on-year. CASA increased to Rs. 491 billion with a growth of 28.9% year-on-year. Gross Advances amounted to Rs. 371.4 billion, increasing by 19.7% year-on-year.
The Bank’s total assets increased to Rs. 1.2 trillion, posting a growth of 27.4% year-on-year, while trade finance business continued its growth trajectory in the reporting period. The Bank’s Net Equity stood at Rs. 60.26 billion with a strong capital adequacy level of 15.4 percent.
HABIBMETRO continued to focus upon its digital offering and retail banking proposition, while continuing to drive returns through its commercial, corporate and Islamic banking business segments.
HABIBMETRO operates with a network of 452 branches in 165 cities of Pakistan, including 41 Islamic Banking branches and 218 Islamic Banking windows.
The Bank opened 46 new branches this year. The Pakistan Credit Rating Agency (PACRA) has assigned premium ratings of AA+ and A1+ to the Bank for 21 consecutive years.
Commenting on the Bank’s financial performance, Mr. Mohsin Ali Nathani, HABIBMETRO’s President & CEO, commented, ‘We are immensely grateful for the blessings of the Almighty, the patronage of our customers and the dedication of our staff that enabled the Bank to continue its growth trajectory. We will continue to serve the dynamic banking needs of our customers with a comprehensive suite of banking solutions.’’
HABIBMETRO Bank is a majority-owned subsidiary of Habib Bank AG Zurich, an international banking group that enjoys a financial presence in 10 countries across 4 continents.