Habib Metropolitan Bank has reported the highest ever profit of Rs. 12 billion, with outstanding growth in profitability by 82 percent year-on-year.
According to the financial results, the bank’s profit for 2019 stood at Rs. 6.58 billion. Before this, the highest profit for the bank came in 2015, which stood at 7.65 billion. However, in the later years, the bank was not able to sustain this profit.
The bank’s income from interest surged to Rs. 28.7 billion in 2020 from Rs. 17.39 billion in 2019. Its non-markup income also surged to Rs. 9.65 billion in 2020 from Rs. 7.34 billion in 2019.
In the closing year, the bank’s management tapped in opportunities from various financing schemes introduced by the banking regulator, enhancing the number of customers countrywide. It also made huge margins from the investments in various deposit instruments.
Habib Metro is a mid-sized bank with a network of branches consisting of more than 400 in 138 cities across Pakistan. The bank enjoys an edge by being a bank of various associated companies, which are part of the House of Habib.
The bank’s deposits surged to nearly Rs. 700 billion. Its investment increased to over Rs. 550 billion while the advances are hovering nearly Rs. 300 billion.
The bank’s earnings per share also increased handsomely to Rs. 11.46 from Rs. 6.29. The board of directors announced the dividend of Rs. 2.5 per share, which is in addition to the dividends of Rs. 2 per share paid already to shareholders.
Habib Metro is the ninth bank in the country that can provide the facility of Roshan Digital Accounts (RDAs) to overseas Pakistanis. The new status will allow the bank to mobilize Dollar-based deposits in its system while providing banking services to overseas Pakistanis.