Bank AL Habib reports 38pc increase in profit

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The Board of Directors of Bank AL Habib Limited has announced the bank’s financial results for the three months period ended March 31, 2020.

According to the financials, the bank’s profit after tax clocked in at Rs2.86 billion during the period under review, as compared to Rs2.06 billion during the corresponding period last year, showing a growth of 38.83pc. The bank’s earning per share (EPS) was recorded at Rs2.57.

Profit before tax was recorded at Rs4.79 billion, showing an increase of 7.80pc, whereas profit before provisions and tax was reported at Rs5.13 billion. The bank improved its net mark-up income by 14.30pc, while fee and commission income, which is earned mainly through trade business, general banking services, alternate delivery channels, etc., showed an increase of 18.25pc over the corresponding period last year. The bank’s foreign exchange income surged by 41.43pc.

The bank’s deposits increased by Rs86.99 billion, bringing the total deposits to Rs990.73 billion as on March 31, 2020, showing a growth of 9.63pc. The advances of the bank increased by 8.09pc, bringing the total net advances to Rs528.22 billion as on March 31, 2020.

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