Bank Al Habib Limited has reported a windfall profit similar to its competing banks which stood at over Rs. 18 billion in the first half of the current calendar year due to the high interest rate regime.
According to the financial results, the profit of the bank grew by 87 percent year-on-year to Rs. 18.209 billion in half year ended June 30, 2023, compared to the profit of Rs. 9.591 reported in a similar period of 2022.
The bank’s revenue increased by nearly Rs. 17 billion on account of interest payments which grew to Rs. 50.9 billion during the period of six months. The non-interest revenue merely grew by Rs. 1.89 billion to stand at Rs. 12.06 billion.
The bank’s overall expenses increased by Rs. 7.84 billion to reach Rs. 32.9 billion.
The board announced a dividend of Rs. 4.5 per share to the shareholders. The share value of the bank also showed outstanding growth, which surged to Rs. 16.39 per share compared to Rs. 8.63 per share.
Source: Pro Pakistani