BAHL half-year net up 25.10% to 9.04 billion rupees
KARACHI: Bank Al Habib Limited (BAHL) announced on Wednesday that its after-tax profit for the six-month period ended June 30, 2021 jumped 25.10% to 9.04 billion rupees from the same period last year.
The bank said its profit before tax jumped 18.51% to 14.34 billion rupees compared to the corresponding period last year. This increase, according to the bank, is due to profit margins as well as fees and commissions resulting in EPS (earnings per share) of 8.13 rupees per share compared to 6.50 rupees per share in the same period of the year. last.
The bank’s net income increased to 27.40 billion rupees, reflecting its success in maintaining sustainable growth, the statement said.
He said that despite the difficult conditions and free online offers during the Covid-19 pandemic, Bank Al Habib managed to significantly increase its fee and commission income by 42.70% compared to the first half of 2020.
In addition, the bank’s total assets reached Rs 1,850 billion, up 21.59% from the six-month period ended December 31, 2020.
Net loans and advances increased 18.23% to 603.26 billion rupees while investments increased 28.59% to 983.66 billion rupees resulting in overall growth in total assets. Due to the bank’s good risk management practices and its prudent funding strategy, the NPL (non-performing loans) ratio was recorded at 1.07%.
The bank achieved a coverage rate of 189.43%, reflecting the cautious approach taken towards non-performing loans. The bank’s deposits increased by 11.30 percent, bringing total deposits to 1,200 billion rupees as of June 30, 2021. The ratio of gross advances to deposits stood at 50.31 percent.
The bank continued its strategy of expanding reach, adding a significant number of branches each year. Bank Al Habib’s branch network now has 939 branches / sub-branches and two kiosks covering 376 cities in Pakistan, three foreign branches (one in Bahrain, Malaysia and Seychelles) and four representative offices (one in Dubai, Istanbul, Beijing), Nairobi) outside of Pakistan.