Bank AL Habib Announces Financial Results for Year Ended December 31, 2023

Karachi, Bank AL Habib Limited has disclosed its financial outcomes for the year concluded on December 31, 2023, following a Board of Directors meeting on January 31, 2024, at the bank’s principal office on I.I. Chundrigar Road, Karachi. The board has proposed a final cash dividend of Rs. 5.00 per share, i.e., 50%, in addition to the interim cash dividends already paid at Rs. 9.00 per share, i.e., 90%. No bonus shares or other corporate actions were announced.

The financial results, both unconsolidated and consolidated, reveal a significant performance improvement over the previous year. Unconsolidated profit after taxation soared to Rs. 35,319,375,000 from Rs. 16,570,229,000, with basic and diluted earnings per share increasing to Rs. 31.78 from Rs. 14.91 in 2022. Similarly, the consolidated financial statements show an increase in profit after taxation to Rs. 35,930,322,000 from Rs. 16,686,304,000 in the preceding year, with earnings per share rising to Rs. 32.33 from Rs. 15.01.

The increase in profitability is attributed to a substantial rise in net mark-up/interest income, which stood at Rs. 124,147,609,000 unconsolidated and Rs. 124,144,268,000 consolidated, up from the previous year. Non-mark-up/interest income also saw a healthy increase, contributing significantly to the total income.

Operating expenses and provisions have been meticulously managed, despite the higher operational costs, to ensure profitability. The bank’s operational efficiency and strategic financial management have been pivotal in achieving these results.

The Annual General Meeting is scheduled for March 06, 2024, in Multan, with the Share Transfer Books remaining closed from February 26 to March 06, 2024, for dividend entitlement. The bank’s Annual Report will be made available through PUCARS at least 21 days before the AGM.

These financial milestones underscore Bank AL Habib’s robust financial health and its commitment to delivering value to its shareholders. The bank continues to navigate the challenging economic landscape with strategic foresight and operational excellence.