KARACHI: Habib Bank Limited (HBL) has announced a net profit of Rs12.44 billion for the year December 31, 2018, which is 40.7 percent higher than the profit of Rs8.848 billion recorded in the previous year.

The earnings per share (EPS) for the year 2018 clocked in at Rs8.22 as against Rs5.79 last year. The company also declared a final cash dividend of Rs1.25/share, which is in addition to interim dividend of Rs3.0/share already paid to the shareholders.

“The bank’s operating expenditure during the year has seen a drastic surge owing to pension liability cost, New York remediation costs, business transformation program and compliance costs. Furthermore, currency depreciation during the year has incurred massive foreign exchange losses for the bank in lieu of foreign borrowing taken for the New York settlement payment,” Faizan Kamran at Arif Habib Limited said.

Habib Bank Limited (HBL) total net interest income for 2018 clocked in at Rs81.67 billion, almost flat, as compared with the net interest income of Rs81.83 billion in 2017.

Bank’s non-interest income for the year under review, however, declined 41.6 percent to Rs19.89 billion as against Rs34.11 billion in 2017. [the_ad id=”31605″]