During COVID-19 Pandemic, HBL Profits Up by A Enormous 287%

HBL Tower Karachi

During the first half of the year 2020, domestic deposits raise by Rs. 219 billion to reach Rs. 2.4 trillion, increasing HBL’s market share to 14.12%; over 40% of the growth came from current accounts, improving the current account mix to 36.0% and maintaining a strong CASA ratio of 85.7%. Total advances closed at Rs. 1.1 trillion.

As compared to the same period with last year, the Bank’s average domestic balance sheet grew by Rs. 294 billion driven by an 11% growth in average deposits.

The Bank’s net interest income for the first 06 months of the year 2020 thus accelerated by 32% over the first half of 2019, to Rs. 63.1 billion, on the back of volume growth and 79bps increase in net interest margin.

In spite of a reduction in fee income resulting from slower economic activity, total non-fund income more than doubled to Rs. 16.6 billion through the timely realization of capital gains. Overall consolidated revenue thus rose by 43%, to nearly Rs. 80 billion, for the first half of the year 2020.

With the New York branch closed and its Business Transformation program nearly complete, HBL’s administrative expenses reduced by 14% over the previous quarter. The cost/income ratio reduced from 80.8% in H1’19 to 59.8% in H1’20. The HBL has also prudently taken general provisions to cater to the impact of COVID-19 on borrowers and the economy, improving its coverage ratio to 95.0%, said the statement issued by the bank.

Share this Post
  •  
  •  
  •  
  •  
  •  

Leave a Reply

Your email address will not be published. Required fields are marked *

Covid-19 Current Position

Stay at Home Wash Hands Regularly.

x
© 2020 PPakistani.com |Professional Pakistani| - All Rights Reserved