» » » HBL Profit Surges to Rs 25.8 Billion - Bank declared a third quarter dividend of Rs3.50per share

HBL today declared a consolidated profit after tax of Rs25.8 billion for the first nine months of 2016, with earnings per share ofRs17.47. Along with the results, the Bank declared a third quarter dividend of Rs3.50per share (35%).   

HBL’s balance sheet has grown by 7% over December 2015to reach Rs 2.4 trillion. DomesticCASA deposits increased by 9% and the CASA mix improved to 89% as at September 30, 2016. The domestic deposit mix continued to improve,and current accounts now form 35.6% of deposits. Average current accounts for the first nine months of 2016 increased by 19% over the comparable period of 2015, enabling HBL to reduce its cost of domestic deposits.With average domestic loans also growing across all segments, the Bank was able to grow net interest income by 7% to Rs62.2 billion for the first nine months of 2016.

Fees and Commissions continued their growth trajectory, rising by 18% to Rs13.7 billion for 9M2016. Bancassurance, trade, investment banking and general banking related fees continued to make significant contributions to the fee income.With enhanced recoveries, the Bank was able to reduce provisions by 58% compared to the first nine monthsof 2015while growth in administrative expenses was restricted to 10% over the same period of2015.The NPL coverage ratio improved over the previous quarter to reach 90% as at September 30, 2016.

HBL is committed to delivering new and innovative products and, earlier this year, became the first bank in Pakistan to enable biometric sign-on to its mobile app. The Bank strives to continuously raise its service levels to keep improving the customer experience. HBL’s reach now includes nearly 2,000 ATMs and over 14,000 POS machines to provide access and convenience to its broad array of customers.

The consolidated Capital Adequacy Ratio (CAR) as at September 30, 2016 was 16.4% with the Tier 1 CAR at12.7%, well above regulatory requirements.The Bank’s credit ratings were re-affirmed earlier this year by JCR-VIS at AAA/A-1+ for long term and short term respectively. The ratings are supported by the healthy capitalization ratios and HBL’s sound liquidity profile and reflect the systemic importance of the Bank.

HBL has continued to deliver strong results. With growing liquidity and capital, the Bank is well positioned to leverage opportunities in the improving economic conditions and play its role in the development of Pakistan as its largest commercial bank. 

News Desk

About News Desk

Hi there! I am the admin of this page, am not the author of the post. I am pleased to share this news with you; you can express your expression as comment in below comment area….this news’ copy right is reserved by the author/publisher mentioned there. Thanks
«
Next
Newer Post
»
Previous
Older Post

No comments:

Leave a Reply


فریش فریش خبرین اور ویڈیوز


Random Posts

Loading...