Karachi, January 31, 2024 – In a remarkable financial achievement, Bank Al Habib Limited announced an impressive growth of 116 percent in its profit after tax for the year 2023.
The bank disclosed its consolidated financial results to the Pakistan Stock Exchange (PSX), revealing a net profit of Rs 35.93 billion for the calendar year 2023, a substantial increase from Rs 16.63 billion recorded in the previous year.
The outstanding performance translated into a significant boost in earnings per share (EPS), reaching Rs 32.33 for the year 2023, in stark contrast to the EPS of Rs 15.01 reported in the previous year. The board of directors, in a meeting held on January 31, 2024, recommended a final cash dividend of Rs 5 per share, constituting 50 percent. This is in addition to the interim cash dividend of Rs 9 per share, totaling 90 percent, already disbursed.
The financial statement unveiled that the net mark-up/interest income of the bank experienced substantial growth, soaring to Rs 124.14 billion for the year 2023, compared to Rs 77.32 billion in the previous year. Simultaneously, the total non-markup income witnessed an increase, reaching Rs 24.35 billion from Rs 21.58 billion.
Consequently, the total income of Bank Al Habib for the year 2023 amounted to an impressive Rs 148.50 billion, showcasing a substantial rise from Rs 98.90 billion in the preceding year. The robust financial performance underscores the bank’s adept management and strategic initiatives, contributing to its remarkable growth trajectory.
However, the growth in operating expenses was also notable, as the bank’s operating expenses rose to Rs 70.52 billion for the year under review, compared to Rs 52 billion in the previous year. While the surge in expenses indicates an increased investment in operational activities, it remains in proportion to the significant expansion in the bank’s overall financial performance.
The announcement of such stellar financial results positions Bank Al Habib as a robust player in the banking sector, reflecting its resilience and adaptability in navigating a dynamic economic landscape. The board’s decision to reward shareholders with a generous dividend further underscores the bank’s commitment to delivering value to its investors.
Bank Al Habib’s impressive financial performance also speaks to its ability to capitalize on market opportunities and manage risks effectively. As the banking sector continues to play a crucial role in supporting economic growth, Bank Al Habib’s success serves as a positive indicator for the industry’s stability and potential.
The bank’s remarkable 116 percent surge in net profit for 2023, accompanied by prudent dividend payouts, solidifies its position as a key player in the financial landscape. The achievement reflects not only the bank’s financial prowess but also its strategic foresight in navigating a challenging economic environment.
