KARACHI: Habib Bank (HBL) has announced its consolidated profit of Rs21.8 billion of 3 quarters of fiscal year 2014, showing growth of 31 per cent as it earned Rs16.6 billion during the corresponding period of last year.
As per details, HBL has also announced an interim cash dividend of Rs2.25 per share in addition to Rs4.25 per share dividend already announced in the current year so far.
The bank’s non-interest income also increased 27 per cent to Rs14.7 billion due to 33 per cent higher fee income and 53 per cent higher income derived from dealing in foreign currency.
In the third quarter of 2014, HBL’s profits stood at Rs7.3 billion against the profit of Rs8.4 billion in the preceding quarter. High provisions against non-performing loans (NPLs) amounting to Rs930 million and 46 per cent lower dividend income amounting to Rs155 million caused earnings to dip, Topline Securities added.
Meanwhile, Sindh Bank also announced a net profit of Rs720.2 million in the first nine months of the fiscal year 2014, with the growth of 14 per cent.
On year-on-year basis, the bank’s deposits stood at Rs58.42 billion on September 30 after registering a growth rate of 27.7 per cent. Advances amounted to Rs37.58 billion with growth of 41.5 per cent over 2013. The bank also recorded 300 per cent growth in the disbursement of agriculture loans in 2013-14 while surpassing the revised target set by the State Bank of Pakistan (SBP).
Meanwhile, Soneri Bank Limited posted a pre-tax profit of Rs1.75 billion for the nine months ended September 30, 2014. The Board in bank’s 139th meeting held on 23 October, 2014, approved the Bank’s third quarterly financial statements.
During the period, Bank’s total revenue amounted to Rs 6.56 billion which is up by 22.13 per cent from the last year’s comparative figure of Rs.5.37 billion. The deposits momentum continued registering a growth of 7.00 per cent over 2013 to close at Rs 150.43 billion (December 2013: Rs 140.58 billion).
