Bank AL Habib Announces Interim Dividend and Steady Profits for First Half of 2024

Karachi: Bank AL Habib Limited’s board of directors, in their meeting on August 7, 2024, approved the financial results for the half-year ended June 30, 2024. The board declared an interim cash dividend of Rs. 3.50 per share, representing 35% of the value, matching the dividend issued earlier in the year. No bonus shares or additional corporate actions were announced.

The bank reported a significant rise in profit after taxation for the first half of 2024, reaching Rs. 21.087 billion, up from Rs. 18.087 billion in the same period last year. The basic and diluted earnings per share also increased to Rs. 18.97 from Rs. 16.27.

According to information available from the Pakistan Stock Exchange (PSX), the financial performance includes unaudited accounts both on a consolidated and unconsolidated basis as detailed in Annexure “A” and “B.” The share transfer books will be closed from August 22 to August 26, 2024, to facilitate the dividend payment.

During the period, the bank earned a mark-up/interest income of Rs. 242.316 billion, with expenses at Rs. 168.210 billion, resulting in a net mark-up/interest income of Rs. 74.106 billion. Non-mark-up/interest income stood at Rs. 14.169 billion, driven primarily by fees, commissions, and foreign exchange income.

The bank’s total income rose to Rs. 88.275 billion from Rs. 62.676 billion in the corresponding period last year. However, operating expenses also increased to Rs. 39.341 billion from Rs. 32.226 billion.

The financial results underscore Bank AL Habib’s sustained profitability and operational stability amidst economic challenges. The half-yearly report will be further detailed and transmitted through PUCARS within the specified timeframe.

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