HABIBMETRO Bank Q1 2021 profit up by 88%

F.P. Report

KARACHI: HABIBMETRO Bank posted a profit-before-tax of Rs. 4.8 billion for the first quarter of 2021, with its profitability increasing 88% year-on-year. This boost in profitability was driven by strong performance in core earnings as the net interest margin improved by 71%.

The Bank’s return to shareholders also increased significantly with Earnings Per Share increasing by 111% year-on-year to Rs. 3.08 (compared to Rs. 1.46 in Q1 2020).

Total deposits of the Bank amounted to Rs. 715 billion and increased by 24% year-on-year and 5% from December 2020 position. CA and CASA deposits reached Rs. 237 billion and Rs. 441 billion respectively, with a growth of 7% each from 2020 year-end levels.

Gross Advances amounted to Rs. 366 billion with a growth of 23% year-on-year and 10% from December 2020 position.

The Bank’s total assets amounted to Rs. 1.07 trillion and posted a growth of 23% year-on-year and 6% against December 2020 levels, while trade finance business continued its growth trajectory in the reporting period. The Bank’s Net Equity stands at Rs. 56.6 billion with a strong capital adequacy level of 15 percent.

HABIBMETRO continued to focus upon its digital offering and retail banking proposition, while continuing to drive returns through its commercial, corporate and Islamic banking business segments.

HABIBMETRO operates with a network of 410 branches in 139 cities of Pakistan, including 33 dedicated Islamic Banking branches and 218 Islamic Banking windows. The Pakistan Credit Rating Agency (PACRA) has assigned premium credit ratings of AA+ and A1+ to the Bank for 20 consecutive years.

Commenting on the Bank’s financial performance, Mr. Mohsin Ali Nathani, HABIBMETRO’s President & CEO, commented, ‘We are immensely grateful for the blessings of the Almighty, the patronage of our customers and the dedication of our staff that enabled the Bank to continue upon its journey of growth. We remain committed to serving our customers to the best of our ability, with a comprehensive suite of banking solutions offered through innovative technological platforms and frameworks.’’

HABIBMETRO Bank is a majority-owned subsidiary of Habib Bank AG Zurich, an international banking group that enjoys a financial presence in 10 countries across 4 continents.

Habib Bank AG Zurich completed 50 years of international banking operations in 2018.