Earnings: Bank Al Habib profits jump 21%

KARACHI: Bank Al Habib Limited profits jumped 21% to Rs2.5 billion in the first half of 2012, much higher than market expectation. The exorbitant improvement in earnings is largely attributable to increase in net interest income – core earnings of the bank – and massive decline in provisioning expense, said BMA Capital analyst Nurali Barkatali in an e-mail statement.  Non-performing loans halved to Rs379 million during January to June 2012 against the preceding period’s Rs770 million, says a notice sent to the Karachi Stock Exchange. The company’s stock price rose bucked the banking sector trend and increased Rs0.1 to close at Rs30.29 during trade at the bourse on Monday.

Published in The Express Tribune, August 7^th, 2012.