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Habib Bank

Habib Bank posts 100 percent growth in annual profit

KARACHI: Habib Bank Limited on Wednesday declared 100 percent growth in net profit for the year ended December 31, 2020.

The bank recorded after tax profit of Rs31 billion for the year 2020 as compared with Rs15.5 billion in the preceding year.

The healthy annual profit can be attributed to gain on securities of Rs7 billion in the year 2020 as compared with loss in securities of Rs2.65 billion in the preceding year.

Banking experts said that high participation of banks in market treasury bills and Pakistan Investment Bonds resulted in significant yields in profits.

According to the financial results the net mark-up and interest income of the banks increased to Rs130 billion during the year under review as compared with Rs101 billion in the preceding year.

Total income of the banks increased to Rs160 billion for the year 2020 as compared with Rs125.5 billion in the preceding year.

Operating expenses of the banks was at Rs94 billion for the year 2020 as compared with Rs92.23 billion in the preceding year.

The bank declared earnings per share increased to Rs21.06 for the year 2020 as compared with Rs10.45 in the preceding year.

A final cash dividend for the year ended December 31, 2020 at Rs3 per share i.e. 30 percent. This is in addition to interim dividends already paid at Rs1.25 per share i.e. 12.5 percent.