Habib Bank Limited’s earnings per share for the period remained Rs4.54 as opposed to Rs3.77 in the corresponding period last year. PHOTO: FILE
KARACHI: Habib Bank Limited (HBL) posted a net profit of Rs5.4 billion for January-March, up 19.6% from the corresponding period of 2013.
According to a notice sent to the Karachi Stock Exchange (KSE) on Friday, Habib Bank Limited’s earnings per share for the period remained Rs4.54 as opposed to Rs3.77 in the corresponding period last year.
Net interest income increased by 8.4% to Rs13.8 billion for the quarter compared to the comparable three-month period of 2013.
“The improvement in the net interest income can be attributed to a change in the deposit mix, which resulted in lower cost of deposits,” said a company spokesman.
The spokesman said that the share of current and savings accounts in deposits improved to 77.5% on March 31 as against 73% on December 31, 2013, due to a targeted reduction in high-cost deposits.
Non-interest income increased 46.9% to Rs5.7 billion for the quarter, bank’s financial accounts show.
Published in The Express Tribune, April 26th, 2014.
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