KARACHI: Habib Bank Limited (HBL) unveiled its 1QCY19 ended March 31, 2019 consolidated net earnings at PKR 3.18 billion translating into earning per share (EPS) of PKR2.08 versus profit of PKR 4.69 billion and EPS PKR 3.12 recorded during the corresponding quarter last year, depicting a fall of 32%.[the_ad id=”31605″] The earnings arrived above market expectation owing to higher than estimated NFI & net reversals booked by the bank during the quarter.
Along with the result announcement, the Habib Bank also declared an interim cash dividend of PKR 1.25/share.
Interest income of the bank rose 39% YoY to PKR 51.52 billion during 1QCY19. However, interest expense also increased 63% YoY, thereby resulting in 19% YoY expansion in net interest income (NII) during the quarter.
Non-funded income (NFI) of the bank rose 22% YoY mainly due to hefty rise in fee income (+18%YoY) along with notable FX revenues, instead of loss on FX income in 1QCY18. However, operating expenses of the bank surged 21% YoY whereas tax expense arrived 96% YoY higher owing to hefty super tax charge.