Habib Metropolitan Bank closed the first half of 2014 by posting a profit before tax of Rs 3.06 billion and registering a year-on-year profitability boost of 14 percent. The bank's net margin registered a year-on-year growth of 21.2 percent over the year and increased to Rs 5.125 billion, while its interest margin to total income ratio climbed up to 28.5 percent from 27.8 percent in the corresponding half of 2013.
HabibMetro's total assets augmented by 21.18 percent compared to December 2013, and in doing so amounted to Rs 377.43 billion on June 30, 2014. Meanwhile, the bank's deposit base exhibited an increase of 12 percent to stand at Rs 277 billion. Gross advances were recorded at Rs 133.78 billion and infection rate marked at a reduced 13.27 percent. The bank's profit after tax amounted to Rs 2.104 billion resultantly, HabibMetro's EPS rose by 18.2 percent to Rs 2.01, from Rs 1.70 in the first half of 2013.
HabibMetro was awarded premier PACRA credit ratings of AA+ and A1+ credit ratings for the 14th consecutive year. President and CEO of the leading trade finance bank, Sirajuddin Aziz observed, "With the half-yearly financial results, we are closer to actualising the promise of 2014 being a financially lucrative and productive year for the bank. We find the team to be equipped for mitigating prevalent current challenges and ensuring a strong footing at the year's end. The management is geared to further deliver upon our commitment to our customers through dedicated customer service and an enhanced product spectrum." HabibMetro Bank's network expansion is scheduled to penetrate into 13 new cities during the year, with the bank's footprint expected to comprise 240 branches across 62 cities of Pakistan by the end of 2014.-PR
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