Bank AL Habib Declares Financial Performance for Half Year End on June 30, 2020
The Board of Directors of Bank AL Habib Limited announced the financial results for the half year end, June 30, 2020. According to the financial results, the Bank’s profit after tax was recorded at Rs. 7.23 billion for the half year end June 30, 2020 as compared to Rs. 4.46 billion for the corresponding period last year, showing a growth of 61.96 percent. Earnings per share (EPS) was recorded at Rs. 6.50.
Profit before tax was recorded at Rs. 12.10 billion showing an increase of 41.61 percent, whereas profit before provisions and tax was reported at Rs. 14.28 billion. The Bank improved its net mark-up income by 38.65 percent.
Deposits of the Bank increased by Rs. 138.02 billion bringing the total deposits to Rs. 1.04 trillion as on June 30, 2020 showing a growth of 15.27 percent. The advances of the Bank increased by 4.43 percent, bringing the total net advances to Rs. 510.31 billion as on June 30, 2020 as compared to 488.67 as on December 31, 2019.
Due to prudent financing strategies and sound risk management policies of the Bank, the non performing advances to gross advances ratio remained low and was recorded 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. The Bank’s branch network has now reached 828 branches / sub branches & 2 booths 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, Nairobi).
In line with the Bank’s vision to provide convenience to customers, the Bank 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. The ratings of our unsecured, subordinated Term Finance Certificates (TFCs) are AA (Double A) for TFC-2016 and TFC-2018, and AA- (Double A minus) for TFC- 2017 (perpetual). These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments.