Bank AL Habib declares pre-tax profit of Rs8.55bn

The Board of Directors of Bank AL Habib Limited announced the financial results for the half-year ended June 30, 2019. The bank reported a profit before tax of Rs8.55 billion for the first six months of 2019 as compared to Rs7.08 billion for the corresponding period of 2018, showing a growth of 20.76pc.

Profit before provisions of the bank grew by 53.47pc. The bank improved its net income margins by 30.90pc whereas non-markup income grew by 32.91pc.

Fee and commission income, which is earned mainly through trade business, general banking services, alternate delivery channels etc., showed an exceptional increase of 29.19pc during the half-year ended June 30, 2019. The bank’s foreign exchange income increased by 67.19pc.

Prudent financing strategies and sound risk management policies of the bank kept the non-performing advances to gross advances ratio at 1.27pc. The bank reduced the cost-to-income ratio to 54.13pc from 60.84pc.

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