Habib Bank pays Rs320.79 million as penalties

Habib Bank pays Rs320.79 million as penalties

KARACHI: Habib Bank Limited (HBL) has paid an amount of Rs320.79 million as penalty for various regulatory violations during the year ended December 31, 2020.

According to financial results released by the bank for the year ended December 31, 2020, the bank paid the amount of Rs320.79 million as penalties for violation of various regulations.

However, the payment of penal amount reduced by 33 percent when compared with Rs480.56 million paid in the preceding year.

According to details the bank paid an amount of Rs296 million against fine imposed by the State Bank of Pakistan (SBP) for the year ended December 31, 2020. The latest amount of monetary penalty has been reduced when compared with Rs476 million that was imposed by the SBP on the bank during the preceding year.

The fall in penal amount shows the bank has strengthened inter controls related to know your customer (KYC) and transactions violating other regulatory provisions.

The bank has also paid penal amount to the tune of Rs24.37 million as fine to other regulatory bodies during the year ended December 31, 2020 as compared with an amount of Rs3.9 million paid during the preceding year.

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