Habib Metropolitan Bank Announces Interim Dividend and Strong Financial Performance for H1 2023

Related Articles

Dry Weather to Prevail in Most Parts of Country: PMD

2 days ago

PM Directs Integration of Public-Private Partnership Authority to Expedite Development Projects

2 days ago

Karachi, Habib Metropolitan Bank Limited, a prominent player in the banking sector, has reported its un-audited accounts for the half-year ending June 30, 2023. The Board of Directors convened a meeting in Karachi on August 24, 2023, to discuss and approve the financial results, showcasing a robust performance amidst prevailing economic challenges.

The Board of Directors announced several key recommendations following the meeting:

1. Cash Dividend: An interim cash dividend of Rs. 5/- per share (50%) for the half-year ending June 30, 2023, has been recommended.

2. Bonus Issue: No bonus issue has been proposed.

3. Right Shares: No right shares have been proposed.

4. Other Entitlement/Corporate Action: No other entitlements or corporate actions have been recommended.

5. Price-Sensitive Information: No other price-sensitive information has been shared.

The financial results for the bank reveal notable achievements. In terms of the unconsolidated Condensed Interim Profit and Loss Account, the bank experienced a net mark-up interest income of Rs. 17,062,076 for the quarter ended June 30, 2023, and Rs. 30,832,506 for the half-year. The bank’s non-mark-up/interest income totaled Rs. 3,969,303 for the quarter and Rs. 7,933,715 for the half-year. The total income for the bank amounted to Rs. 21,031,379 for the quarter and Rs. 38,766,221 for the half-year.

Additionally, the consolidated Condensed Interim Profit and Loss Account showcased a net mark-up interest income of Rs. 17,575,804 for the quarter and Rs. 31,620,114 for the half-year. The non-mark-up/interest income for the consolidated results amounted to Rs. 4,014,895 for the quarter and Rs. 7,996,138 for the half-year. The total income for the consolidated results stood at Rs. 21,590,699 for the quarter and Rs. 39,616,252 for the half-year.

Furthermore, in recognition of the bank’s strong financial performance, the Board of Directors recommended an interim cash dividend of Rs. 5/- per share i.e., 50% for the half-year ended June 30, 2023.

As a part of these developments, the share transfer books of the bank will remain closed from September 6, 2023, to September 8, 2023 (both days inclusive).

These commendable financial results showcase the bank’s resilience in the face of economic challenges and its commitment to delivering value to shareholders.

For further information or inquiries, interested parties are advised to visit the official website of Habib Metropolitan Bank Limited or contact the bank’s Investor Relations department.

The post Habib Metropolitan Bank Announces Interim Dividend and Strong Financial Performance for H1 2023 appeared first on Pakistan Company News.