PR KARACHI - The board of directors of Bank AL Habib Limited has announced the financial results of the bank for the year ended December 31, 2017.

As per the results, the bank continued its growth momentum even in the backdrop of low interest rate scenario and declared the pre-tax profit of Rs14.04 billion for the year ended December 31, 2017 as compared to Rs13.16 billion for the corresponding year, showing a growth of 6.69 percent. Profit after tax for the year was recorded at Rs8.65 billion against Rs8.12 billion for the corresponding year, showing a growth of 6.53 percent. EPS of the bank were recorded at Rs 7.78 per share. The bank’s total asset base increased by 22.31 percent, compared to last year and reached Rs 919.05 billion. The bank’s loan book expanded significantly, standing at Rs 339.83 billion as on December 31, 2017, showing an impressive growth of 30.00 percent in net advances, compared to the previous year end. Advances to deposits ratio (ADR) of the bank now stands at 49.07 percent. Prudent financing strategies and sound risk management policies of the bank resulted in decrease in non-performing to gross advances ratio to 1.52 percent as at December 31, 2017 as against 2.12 percent as on December 31, 2016. Coverage ratio of non-performing loans also improved to 144.32 percent as at December 31, 2017 from 136.95 percent in December 31, 2016.

The bank continues to mobilize low cost deposits through strong relationship management, customer centric approach and increasing reach to costumers. Accordingly, the bank has opened 45 new branches resulting in increase in deposits by 18.56 percent as compared to corresponding year. The bank deposits have reached Rs 692.58 billion, as on December 31, 2017. The bank’s branch network has reached 650 branches/sub branches having coverage in 238 cities of Pakistan and 3 branches and 3 representative office outside Pakistan. In line with the bank’s vision to provide convenience to customers, the bank is operating the network of 730 ATMs across Pakistan.