{"id":1017,"date":"2024-08-26T14:54:15","date_gmt":"2024-08-26T14:54:15","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1017"},"modified":"2025-01-09T02:58:58","modified_gmt":"2025-01-09T02:58:58","slug":"hbl-posts-rs-57-8-billion-profit","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1017","title":{"rendered":"HBL Posts Rs 57.8 Billion Profit Before Tax in H1-2024"},"content":{"rendered":"\r\n

Pakistan, Karachi \u2013 26 August 2024<\/strong>: Habib Bank Limited (HBL)<\/a> has announced robust financial results for the first half of 2024, reporting a consolidated profit before tax of Rs 57.8 billion, marking a 12% increase over the same period last year. The bank’s profit after tax rose by 10% year-on-year to Rs 29.1 billion, with earnings per share improving from Rs 17.86 in H1 2023 to Rs 20.18 in H1 2024. The bank also declared an interim cash dividend of Rs 4 per share (i.e., 40%) for the second quarter, in addition to the interim dividend already paid.<\/p>\r\n\r\n\r\n\r\n

HBL’s balance sheet reached a record Rs 6.2 trillion, with total deposits growing to Rs 4.8 trillion, reflecting an impressive increase of over Rs 700 billion since December 2023. This growth was driven primarily by domestic deposits, which enabled HBL to expand its market share from 12.4% in December 2023 to 13.3% in June 2024. Low-cost deposits contributed to approximately 60% of this growth, with the CASA ratio improving to 87%. Despite low credit demand in the country, domestic advances grew by 2.2%, with total advances standing at Rs 1.8 trillion.<\/p>\r\n\r\n\r\n\r\n

The bank’s net interest income saw significant growth, reaching Rs 121.6 billion, driven by volumetric expansion in both domestic and international markets. Non-fund income surged by 64% year-on-year to nearly Rs 40 billion, with fee income increasing by 22% to Rs 24.2 billion in H1 2024. HBL’s flagship Cards business was a major contributor, accounting for nearly half of the fee growth, while branch fees also rebounded. As a result, HBL\u2019s total revenue increased by 17% to Rs 161.1 billion.<\/p>\r\n\r\n\r\n\r\n

HBL’s focus on cost management led to a reduction in expenses compared to the previous quarter, with the cost\/income ratio declining from 57.2% in Q1 2024 to 56.7% in Q2 2024. The bank\u2019s strong performance also bolstered its capital base, with the Tier-1 Capital Adequacy Ratio rising to 12.65% and the total CAR to 16.32%. This growth in internally generated capital enabled HBL to continue its higher dividend payout.<\/p>\r\n\r\n\r\n\r\n

Muhammad Nassir Salim, President & CEO of HBL, commented on the results, stating, \u201cHBL\u2019s strong H1 2024 performance reflects our commitment to innovation, expanding our digital footprint, and providing best-in-class financial solutions for all segments of our client base. In recognition of these efforts, Euromoney, the prestigious international publication, declared HBL Pakistan\u2019s Best Bank. Looking ahead, the bank will continue to prioritize its clients\u2019 financial well-being and play its part in Pakistan\u2019s economic development.\u201d<\/p>\r\n\r\n\r\n\r\n

Business Developments<\/strong><\/p>\r\n\r\n\r\n\r\n

HBL’s digital transformation, led by Konnect by HBL and HBL Mobile, continues to progress at an accelerated pace. The bank’s mobile and internet banking platforms recorded a year-on-year growth of 36% in financial transactions and 29% in service requests, with Rs 3.5 trillion processed in H1 2024. Konnect by HBL, the bank’s branchless banking platform, processed Rs 560 billion in transactions, reflecting a 12% year-on-year growth.<\/p>\r\n\r\n\r\n\r\n

The credit cards business also demonstrated strong performance, with card usage growing by over 34% and spending reaching Rs 151 billion. The portfolio size increased by 36% year-on-year to Rs 37 billion. Additionally, HBL’s POS merchant acquiring business saw a 28% increase in throughput, reaching Rs 208 billion.<\/p>\r\n\r\n\r\n\r\n

HBL\u2019s strategic focus on agriculture and SME financing continued to deliver results. The bank\u2019s Agriculture Financing Portfolio grew to nearly Rs 60 billion, while SME advances registered a 25% year-on-year increase.<\/p>\r\n\r\n\r\n\r\n

The bank\u2019s financial inclusion efforts, particularly through HBL Nisa, have been noteworthy. In H1 2024, HBL Nisa onboarded over 50,000 new accounts, generating Rs 42 billion in deposits.<\/p>\r\n\r\n\r\n\r\n

HBL also achieved significant growth in its corporate and institutional client services. HBL Symphony\u00ae, the bank\u2019s fixed-income trading platform, saw trading volumes surpass Rs 1.2 trillion by the end of H1 2024, a substantial increase compared to the previous year.<\/p>\r\n\r\n\r\n\r\n

The bank’s commitment to social responsibility was evident through various initiatives in H1 2024. The HBL Foundation allocated Rs 150 million for healthcare initiatives and Rs 45 million for educational programs. In addition, HBL continued to lead Pakistan’s Esports landscape with its \u2018Aur Khelo\u2019 tournaments, further solidifying its position in fostering an inclusive Esports ecosystem within the country.<\/p>\r\n\r\n\r\n\r\n

HBL’s efforts were recognized by the Euromoney Awards for Excellence 2024, which awarded the bank the titles of Pakistan\u2019s Best Bank, Pakistan\u2019s Best Bank for Corporates, and Pakistan\u2019s Best Bank for ESG.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Pakistan, Karachi – 26 August 2024: Habib Bank Limited (HBL) has announced robust financial results for the first half of 2024, reporting a consolidated profit before tax of Rs 57.8 billion, marking a 12% increase over the same period last year. The bank’s profit after tax rose by 10% year-on-year to Rs 29.1 billion, with […]<\/p>\n","protected":false},"author":1,"featured_media":1018,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[8],"tags":[15,402,635],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t