Karachi: Habib Bank Limited (HBL) declared record quarterly earnings in January-March quarter with profit before tax (PBT) of Rs 21.5 billion, 47 percent higher than PBT of Rs 14.6 billion last year, stated press release. “This strong performance was driven by excellent results across all domestic businesses and sustainable operating profit from international franchise. Bank’s profit after tax rose by 54 percent to Rs 13.3 billion with earnings per share improving from Rs 5.78 in Q1’22 to Rs 9.00 in Q1’23. Along with results, Bank declared dividend of Rs 1.50 per share (15pc), it said.

“Bank’s balance sheet grew by 7 percent to Rs 4.96 trillion with deposits increasing to Rs 3.6 trillion. Growth of Rs 260 billion in average low-cost domestic deposits enabled HBL to contain rise in deposit cost. Record policy rate of 21 percent has resulted in muted credit demand with net reversal in private sector credit growth. However, total advances were maintained at December 2022 levels of Rs 1.8 trillion.

Press release stated that HBL continues to invest in its people and its digital infrastructure while ensuring it gives back to communities in which it operates. Muhammad Aurangzeb, President and CEO HBL said, “We have remained steadfast in course we have set for ourselves i.e. setting new benchmarks in challenging times. “As we navigate current environment, we remain live to risks, we will pursue course that ensures highest possible standards of client experience whilst ensuring that business controls are robust across franchise.”

Published in The Daily National Courier, April, 28 2023

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