Karachi: Bank AL Habib Limited, in its recently published un-audited financial statements for the first half of the year ended June 30, 2024, revealed significant growth in deposits and a notable increase in pre-tax profits. The financial overview also encompasses the un-audited consolidated financial statements of the Bank and its subsidiaries including AL Habib Capital Markets (Private) Limited, AL Habib Asset Management Limited, and AL Habib Exchange Company (Private) Limited.
The Bank reported that deposits surged to Rs. 2,222.2 billion, up from Rs. 1,934 billion at the end of December 2023, reflecting a substantial increase. Despite a decrease in advances from Rs. 869.5 billion to Rs. 792 billion, the Bank saw an uplift in investments, which climbed to Rs. 1,836.1 billion from Rs. 1,503.9 billion. According to information available from the Pakistan Stock Exchange (PSX), the pre-tax profit for the first half reached Rs. 40.50 billion, up from Rs. 30.95 billion during the same period last year. Post-tax profits also rose, totaling Rs. 21.09 billion compared to Rs. 18.09 billion in the previous year.
On August 07, 2024, the Board of Directors declared a second interim cash dividend of Rs. 3.50 per share, which is 35%, adding to an already paid 35%, bringing the total cash dividend to 70% for the half year.
The Bank also reported stable ratings with Pakistan Credit Rating Agency Limited (PACRA) maintaining its long-term and short-term entity ratings at AAA (Triple A) and A1+ (A One plus), respectively. Additionally, the Bank fully redeemed its unsecured, subordinated Term Finance Certificates (TFC-2018) on June 06, 2024.
The management expressed gratitude towards customers, staff, and various stakeholders for their continuous support and trust, highlighting the bank's ongoing commitment to expanding its branch network, which currently stands at 1,158 offices.