Habib Metropolitan Bank Announces Dividend and Auditor Reappointment in Annual General Meeting

Karachi, In a significant development for its shareholders, Habib Metropolitan Bank Limited conducted its 32nd Annual General Meeting on March 28, 2024, at Karachi during which a series of crucial resolutions were passed. The meeting saw the adoption of the bank’s audited accounts for the year ended December 31, 2023, including both standalone and consolidated figures, along with the Directors’ and Auditors’ Reports. These documents, affirming compliance with the code of corporate governance and internal control statements, were unanimously approved by the shareholders.

The shareholders were particularly attentive to the financial distributions, approving a final cash dividend of Rs. 5.50 per share, which represents a 55% dividend. This decision comes on the heels of a previously paid interim dividend of Rs. 5.00 per share, or 50%, for the same fiscal year. Together, these dividends amount to a total distribution of Rs. 10.50 per share, translating to a 105% return for the year ended December 31, 2023. The record date for the final dividend was set as March 20, 2024, with specific authorizations granted to the bank’s executives for the necessary financial arrangements.

Additionally, the agenda included the reappointment of the bank’s auditors. KPMG Taseer Hadi & Co., Chartered Accountants, having expressed their willingness to continue in their role, were reappointed as the bank’s external auditors. This appointment is effective from the conclusion of this meeting until the conclusion of the next annual general meeting, with the auditor’s fees mutually agreed upon.

These resolutions reflect the bank’s commitment to maintaining transparent financial practices and rewarding its shareholders while ensuring strong governance and oversight mechanisms through the reappointment of its auditors.