Habib Bank Post a profit of Rs. 22 – Most Profitable in Banking Sector
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Habib Bank’s stellar growth of 31% took net profit to Rs22.33 billion in 2011, making it the most profitable bank of the industry.
The bank also declared 10% bonus shares and a final cash dividend of Rs4 per share alongside the results, taking the full-year dividend payout to Rs7 per ordinary share of Rs10.
The company’s result could not lift investor sentiments as the stock price fell Rs2.61 to close at Rs122.56 during trade at the Karachi Stock Exchange on Friday.
Net interest income rose 20% to Rs98.6 billion against Rs81.3 billion posted in the same period last year on the back of relatively higher lending yields, according to a Burj Capital research note.
Non-interest income rose by a relatively higher 16%, likely driven by strong foreign exchange income and gains on equity portfolio, adds the note. Meanwhile, the final quarter growth remained more subdued at 3% on a quarterly basis.
In line with the industry trend, provisioning expense declined by 14% to Rs6.68 billion in 2011.
Meanwhile, the bank also posted its highest quarterly earnings during the final quarter (October to December 2011) of Rs6.61 billion, showing signs of better days for the industry.
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the last quarter might show window dressing then that of better days for the industry:P
[...] companies on the cards include Pakistan Petroleum Limited, Habib Bank Limited, National Bank of Pakistan and Kot-Addu Power Company while non-listed public sector holdings [...]
[...] companies on the cards include Pakistan Petroleum Limited, Habib Bank Limited, National Bank of Pakistan and Kot-Addu Power Company while non-listed public sector holdings [...]
[...] Bank proved to be the most profitable bank among all banks, reporting a profit of Rs 22 [...]
[...] It is merit mentioning here that bank’s majority share with management rights were sold out at Rs 22.4 billion ($ 389 million), which majority of the economists, policymakers and bankers argue the thrown away price. However the banks’ last year declared profit was Rs 22.33 billion. [...]