Habib Bank Limited (HBL) announced impressive financial results for the first quarter of 2024, highlighting robust growth and a strong performance. The bank’s consolidated profit before tax surged 40% year-over-year to Rs. 30.1 billion, and profit after tax climbed to Rs. 15.0 billion from Rs. 13.3 billion in the same period last year.
Further solidifying its commitment to shareholder value, HBL declared an interim cash dividend of Rs. 4 per share. Earnings per share (EPS) also rose, reaching Rs. 10.37 compared to Rs. 9.00 in Q1 2023.
HBL’s balance sheet continued to expand, reaching Rs. 5.5 trillion with total deposits closing at Rs. 4.4 trillion. Domestic deposits, in particular, witnessed significant growth to Rs. 3.7 trillion, and current accounts achieved their highest first-quarter growth in the past five years.
Despite a modest decline in total advances since December 2023, HBL’s market-leading Consumer business maintained its upward trajectory, reaching Rs. 130 billion in March 2024. Revenue streams also saw impressive growth, with total revenue climbing 25% to Rs. 80.7 billion.
HBL’s focus on digital channels is a key driver of its success. Mobile and internet banking transactions and service requests surged by 36% year-on-year. Additionally, the launch of Konnect by HBL, a branchless banking platform, offers convenient international payment solutions for freelancers and IT exporters.
HBL’s commitment to the agriculture and SME sectors yielded promising results, with advances exceeding Rs. 100 billion and Rs. 57 billion in Q1 2024, respectively. The bank’s Prestige network also expanded, experiencing record growth in Assets Under Management (AUMs) and insurance premiums written.
HBL’s robust financial performance, coupled with strategic initiatives and a focus on digital innovation, solidifies its position as a leading player within the banking sector. The bank is well-positioned for continued growth and success in the years to come.