Habib Bank posts 33% decline in half year profit

Habib Bank posts 33% decline in half year profit

KARACHI: Habib Bank Limited (HBL), one of the largest banks in Pakistan, has posted 33 per cent decline in profit for the half year ended June 30, 2022.

According to financial results submitted to the Pakistan Stock Exchange (PSX), the bank declared profit after tax at Rs12.11 billion for the half year ended June 30, 2022 as compared with Rs18.03 billion in the same half of the last year.

READ MORE: FFBL declares Rs1.7 billion in 2QCY22

The sharp decline in net profit may be attributed to significant rise in payment of taxes. The bank paid an amount of Rs22.48 billion as taxes during the half year ended June 30, 2022 as compared with Rs13.17 billion in the same half of the last year, showing an increase of 71 per cent.

The HBL issued the condensed interim consolidated profit and loss account (unaudited) for the six months ended June 30, 2022. It declared basic and diluted earnings per share at Rs8.10 for the half year ended June 30, 2022 as compared with EPS of Rs12.04 in the same half of the last year.

READ MORE: Hyundai announces second quarter financial results

Net mark-up income of the bank increased to Rs73.89 billion for the first half (January – June) 2022 as compared with Rs64.86 billion in the same half of the last year.

Total non-mark up income of the bank also increased to Rs23.67 billion for the half year under review as compared with Rs17.61 billion in the same half of the last fiscal year.

READ MORE: PTCL declares 39% growth in half year net profit

This brings the total income of the HBL at Rs97.57 billion for the half year ended June 30, 2022 as compared with Rs82.47 billion in the same half of the last year.

The operating expenses of the bank increased to Rs59.05 billion during the half year under review as compared with Rs46.85 billion in the same half of the last year.

READ MORE: Honda Cars declares 40% surge in annual profit

Leave a Reply

You have to agree to the comment policy.