Saturday, November 9, 2024

HBL profit rises to Rs. 55.6 billion in 9 months

HBL today declared a consolidated profit before tax of Rs 55.6 billion for the first nine months of 2022, an increase of 20% over the same period last year. Along with the results, the Bank declared an interim dividend of Rs 1.50 per share (15%), taking the total payout for 9M’22 to Rs 5.25 per share.

Profit after tax, however, declined by 12% to Rs 23.6 billion due to higher, excessive, and retrospectively applied taxation introduced in the Federal Budget which impacted EPS by Rs 6.42/share. The Bank’s earnings per share of Rs 15.95 is thus lower than the EPS of Rs 18.21 in the same period last year.

HBL’s balance sheet grew by 5% to Rs 4.5 trillion with total deposits at Rs 3.4 trillion. The Bank grew its total advances by 14% to Rs 1.7 trillion. The Bank’s leading consumer portfolio of Rs 120 billion is 17% higher than in December 2021, and lending to the agriculture sector achieved another all-time high of Rs 45 billion, an impressive growth of 14%.

HBL’s Commercial lending portfolio also crossed a milestone of Rs 100 billion. HBL Microfinance increased loans by 36%, underlining the Bank’s progress on its financial inclusion objectives.

Bank’s 9M’22 performance

Commenting on the bank’s 9M’22 performance, Muhammad Aurangzeb, President & CEO – HBL said,

“HBL demonstrated its continued and stated commitment to support its clients and keep lending to the real economy, so important in these difficult times, compounded by the devastating floods. The bank continues to invest in its people, digital infrastructure, and business expansion, aligned with the key pillars of the bank’s strategic vision. In consideration of the pressure on employees by the high level of inflation, escalating fuel prices and excessive taxation, particularly at the junior level, HBL provided support through a cost-of-living adjustment. In 9M’22, HBL also took the landmark step of raising the staff service age to 65, another first in the industry, which has been applauded by all stakeholders.”

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