Bank Al-Habib post highest Quarterly Profit despite increased Provisioning

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Bank Al-Habib post highest Quarterly Profit despite increased Provisioning

Bank AL-Habib Limited (BAHL) announced it’s the Half Year 2019 financial Performance where it posted Net Profit of Rs. 4.4billion (EPS: Rs 4.0) as compared to Rs. 4.2 billion (EPS: Rs. 3.8) in the same period last year. Bank didn’t announce any dividend.

On a quarterly basis, 2QCY19 Net Profit stood at Rs. 2.4 billion (EPS: Rs. 2.15 rising by 16.8% from March-19 Quarter. The result remained below analysts expectation as Bank booked higher than expected provisioning against Bad Loans. Half Year Provisioning was recorded at Rs. 2.1 billion as compared to a Net reversal of Rs.114 million in the same period last year.

The bank earned hefty FX income of Rs. 814 million in June Quarter leading to record profit for the quarter.

Rupees in Million 1HCY19 1HCY18 %Change
Interest Earned 45,055 27,380 65%
Interest Expensed 25,523 12,461 105%
Net Interest Income 19,532 14,920 31%
Non-Interest Income 4,359 3,314 32%
Non-Mark-up Expenses 13,207 11,246 17%
Pre-Provision Profit 10,684 6,988 53%
Provisions 2,154 -114 n.a
Profit before Tax 8,530 7,102 20%
Tax 4,087 2,889 42%
Profit After Tax 4,443 4,214 5%
EPS (Rs.) 4 3.79

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