Profit before tax rose by 34% to Rs48.5 billion. STOCK IMAGE
Habib Bank Limited (HBL) has announced a consolidated after-tax profit of Rs31.8 billion for calendar year 2014, a growth of 38% over 2013.
Earnings per share rose from Rs15.59 to Rs21.63 over the same period. Profit before tax rose by 34% to Rs48.5 billion.
“This performance was driven by a 25% increase in total revenue, improving efficiency and stable provisions,” the bank said in a press release on Tuesday.
The HBL board also declared a final cash dividend of Rs5.5 per share, which takes the cumulative dividend for 2014 to Rs12 per share.
Net interest income increased by 25% to Rs69.1 billion, driven by a 9% growth in the average balance sheet and a 25% growth in domestic current accounts, which grew by nearly Rs80 billion.
Total deposits grew to Rs1.5 trillion, while the overall balance sheet set a new record at Rs1.9 trillion, the bank said.
Non mark-up income increased to Rs23.5 billion, based on a 20% increase in fees and commissions as Bancassurance, investment banking and general banking products all delivered strong results.
According to HBL, its Treasury was successful in capturing higher customer flows and increased revenues by 30%, while the banking and insurance associates “demonstrated superior performance, with a 37% increase in revenue contribution.”
During 2014, HBL said it continued to invest heavily in people, technology and infrastructure in line with the philosophy of using technology to improve customer experience and further the financial inclusion objective.
Published in The Express Tribune, February 18th, 2015.
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