Karachi: Habib Metropolitan Bank Limited reported its financial results for the half-year ended June 30, 2024, on August 22, 2024, following approval by the Board of Directors. The bank announced a consistent interim cash dividend and disclosed robust earnings amidst operational adjustments.
During a board meeting, the directors ratified the un-audited accounts, declaring an interim cash dividend of Rs. 2.50 per share, which amounts to 25% for the period, matching the dividend issued in the previous term. The decision reflects the bank's steady financial health and commitment to shareholder returns. No new bonus shares or rights shares were issued, and there were no other significant corporate actions or price-sensitive information announced.
According to information available from the Pakistan Stock Exchange (PSX), the bank's share transfer books will be closed from September 5, 2024, to September 9, 2024. Share transfers filed at the Karachi office by the close of business on September 4, 2024, will be eligible for the dividend payout.
The bank's profit after taxation stood at Rs. 11,498.495 million for the first half of 2024, an increase from the Rs. 11,781.170 million reported in the corresponding period last year. This performance was underpinned by a solid increase in mark-up/interest earnings, which reached Rs. 118.671 billion, up from Rs. 95.859 billion in the previous year. Non-mark-up/interest income also saw an uptick, primarily due to fees and commission income along with gains on foreign exchange transactions.
Operational expenses for the period totaled Rs. 15.176 billion, compared to Rs. 13.566 billion last year, reflecting the bank's investment in its operational capabilities. Despite these costs, the bank's financial health remains robust, demonstrated by a comprehensive profit before taxation of Rs. 22.135 billion.
Further details of the financial results and the half-yearly report for the period ending June 30, 2024, will be available through PUCARS in compliance with regulatory requirements.