HMB posts impressive 59% growth in profits for 1QCY23

April 20, 2023 (MLN):  Habib Metropolitan Bank (PSX: HMB) has unveiled its first-quarter financial results for the calendar year 2023, as per which the bank made profits of Rs5.85 billion [EPS: Rs5.49] which is around 59% higher than the net profits of Rs3.68bn [EPS: Rs3.44] reported in the same period of CY22, the bank’s filing on PSX showed today.
Going by the statement, the net interest income saw a significant increase of 76.94% YoY to stand at Rs14.04bn in 1QCY23.
While the bank witnessed a noticeable surge in non-interest income by 18.31% YoY to clock in at Rs3.98bn on account of higher dividend income which surged by 89.94% YoY.
The operating expenses of the bank increased by 37.91% YoY to Rs6.71bn. Additionally, the bank booked Rs1.05bn provision charges in 1QCY23, inflating by 2.57x YoY which impacted the financial health of the bank.
On the taxation front, the bank paid taxes worth Rs4.4bn, showing an increase of 88.07% compared to the taxes paid in the corresponding period last calendar year.




Consolidated Profit and Loss Account for the quarter ended March 31, 2023 (Rupees in '000)






 


31 March 2023


31 March 2022


% Change




Mark-up/return/interest earned


44,847,935


23,744,171


88.88%




Mark-up/return/interest expensed


(30,803,625)


(15,806,948)


94.87%




Net mark-up/interest income


14,044,310


7,937,223


76.94%




NON-MARK-UP/INTEREST INCOME


 


 


 




Fee and commission income


2,159,099


1,899,555


13.66%




Dividend income


131,230


69,090


89.94%




Foreign exchange income


1,813,692


1,332,040


36.16%




Income/(loss) from derivatives


 –  


 –  


 




Gain /(loss) on securities


(142,402)


49,705


–




Other income


19,624


14,605


34.36%




Total non-mark-up/interest income


3,981,243


3,364,995


18.31%




Total income


18,025,553


11,302,218


59.49%




NON-MARK-UP/INTEREST EXPENSES


 


 


 




Operating expenses


(6,539,852)


(4,734,879)


38.12%




Workers Welfare Fund


(178,410)


(116,378)


53.30%




Other charges


(5)


(20,242)


-99.98%




Total non-mark-up/interest expenses


(6,718,267)


(4,871,499)


37.91%




Profit before provisions


11,307,286


6,430,719


75.83%




(Provisions)/reversal and write-offs – net


(1,050,252)


(408,299)


157.23%




Extra-ordinary / unusual items


 –  


 –  


 




Profit before taxation


10,257,034


6,022,420


70.31%




Taxation


(4,400,565)


(2,339,809)


88.07%




Profit after taxation


5,856,469


3,682,611


59.03%




Earnings per share – Basic and Diluted (in Rupees)


5.49


3.44


59.59%




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Posted on: 2023-04-20T13:11:37+05:00
The post HMB posts impressive 59% growth in profits for 1QCY23 appeared first on Mettis Global Link .