LAHORE – The Habib Bank Limited (HBL) has become the first Pakistani bank to cross the Rs1 trillion mark in deposits, as the bank grew domestic deposits by 18.6 per cent from year-end. However, in 2Q alone, bank’s earnings dipped by 5 per cent QoQ to Rs5.3 billion. The bank also announced a first interim cash dividend of Rs3.5 per share along with the result.
The Habib Bank Limited announced financial results for the half year ended 30 June 2012 in a meeting of the Board of Directors. The growth in the bottom line in 1H2012 came from rising Net Interest Income (NII) of Rs28.3 billion (up 8 per cnet YoY) and lower provisions and write offs of Rs2.3 billion (down 51 per cent YoY). However, a decline of 4 per cent YoY in non interest income (Rs6.3 billion) somewhat curtailed the growth in earnings. With this, 1H2012 earnings constitute 49 per cent of 2012E earnings of Rs18.59.
After Tax Profit grew by 18.58 per cent to Rs11.86 billion while Earning Per Share stood at Rs9.68 as against Rs8.17 for the corresponding period last year. The Habib Bank Limited declared interim cash dividend of Rs3.50 per share.