Karachi, (PR): HBL today declared a consolidated profit after tax of Rs16.0 billion for the first half of 2016, with earnings per share rising to Rs10.86. Along with the results, the Bank declared a second quarter dividend of Rs3.50per share (35%).
\nHBL\u2019s balance sheet has grown by 6% over December 2015to reach Rs 2.4 trillion. Domestic deposits increased by 9% and the Bank\u2019s market share rose to 14.3%.Thedeposit mix continued to improve,and current accounts now form 34.7% of total deposits. Average current accounts for the first half of 2016 increased by Rs 78 billioncompared toH1 2015, enabling HBL to reduce its cost of domestic deposits to 2.8%. With average domestic loans also growing across all segments, the Bank was able to grow net interest income by 6% to Rs41.4 billion.
\nFees and Commissions continued their strong growth, rising by 15% to Rs9.3 billionfor H1 2016. Bancassurance, trade, investment banking and general banking related fees remained the main contributors.Growth in administrative expenses was contained to 10% over H1 2015 and the Bank was able to reduce provisions by 19% over the first half of 2015, despite additional conservative provisioning.The coverage ratio improved over the previous quarter to reach 89.2% as at June 30, 2016.
\nHBL is committed to delivering new and innovative products and continuously raising its service levels to keep improving the experience and convenience of its customers. HBL now has nearly 2,000 ATMs and over 14,300 POS machines. Earlier this year, HBL launched its Mobile app and has recently become the first bank in Pakistan and one of the very few banks in the world to enable biometric sign-on.
\nThe consolidated Capital Adequacy Ratio (CAR) as at June 30, 2016 was 16.8% with the Tier 1 CAR at12.8%.The capital ratios remain strong and well above required levels.The Bank\u2019s credit ratings were re-affirmed by JCR-VIS at AAA\/A-1+ for long term and short term respectively. The ratings are supported by the healthy capitalization ratios and HBL\u2019s sound liquidity profile and reflect the systemic importance of the Bank.
\nHBL has continued to deliver strong results. With adequate reserves of both liquidity and capital, the Bank is well positioned to leverage growth opportunities and play its role in the development of Pakistan as its largest commercial bank.<\/p>\n","protected":false},"excerpt":{"rendered":"
Karachi, (PR): HBL today declared a consolidated profit after tax of Rs16.0 billion for the first half of 2016, with earnings per share rising to Rs10.86. Along with the results, the Bank declared a second quarter dividend of Rs3.50per share (35%). HBL\u2019s balance sheet has grown by 6% over December 2015to reach Rs 2.4 trillion. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1674","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n