Average growth: HBL declare Rs34.2b profit for 2016

HBL on Tuesday declared a consolidated profit after tax of Rs34.2 billion for the full year 2016, with earnings per share of Rs23.23. Along with the results, the bank declared a final dividend of Rs3.50 per share (35 per cent), bringing the total dividend for the year to Rs14 per share. HBL’s balance sheet has grown by 13 per cent over December 2015 to reach Rs2.5 trillion. Overall, the bank added Rs250 billion in deposits, while maintaining its CASA ratio. Current accounts increased by more than 16 per cent, reaching nearly Rs700 billion with the current account mix improving to 37 per cent of total deposits. In 2016, HBL grew its average domestic current accounts by 19 per cent over 2015, enabling the bank to reduce its cost of deposits. With the improved economic climate, lending growth has accelerated with loans growing by over 17 per cent, driven by increases in corporate lending, but with strong support from the SME and consumer segments.

Published in The Express Tribune, February 15^th, 2017.