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Karachi, Habib Bank Limited (HBL) today announced a robust start to the year with a 40% increase in its first-quarter profit before tax, reaching Rs 30.1 billion. The bank’s net profit after tax also rose to Rs 15.0 billion from Rs 13.3 billion in the same period last year. These financial gains were supported by substantial growth in its consumer and digital banking sectors, along with strategic expansions in small and medium enterprise (SME) and agricultural financing.
According to Habib Bank Limited, the bank’s earnings per share (EPS) increased to Rs 10.37 in Q1’24 from Rs 9.00 in Q1’23. HBL declared an interim cash dividend of Rs 4 per share for the quarter, reflecting its strong financial performance. The bank’s balance sheet expanded to Rs 5.5 trillion, with deposits growing to Rs 4.4 trillion, driven by a significant rise in domestic deposits which saw the highest first-quarter growth in five years.
The bank’s commitment to digital innovation and service expansion was evident in several key developments. HBL’s mobile and internet banking platforms processed financial transactions and service requests worth Rs 1.64 trillion, marking a 36% increase year-on-year. The bank also launched a USD debit card for freelancers and IT exporters to facilitate international transactions.
HBL’s focus on SME growth has paid dividends, with the bank becoming the first in Pakistan to exceed Rs 100 billion in SME advances. The agriculture sector also saw substantial advances, with the portfolio expanding to Rs 57 billion. This includes the launch of HBL Zarai Services Limited, an agriculture services subsidiary, which opened its first center in Burewala.
Muhammad Nassir Salim, President and CEO of HBL, highlighted the bank’s strategic initiatives aimed at enhancing client-centric operations and expanding its segment-specific offerings. “HBL’s strong Q1’24 results showcase our unwavering commitment to client-centricity. We are actively implementing our strategy to manage each client segment with tailored propositions and products, particularly in digital payments, SME, and agriculture,” said Salim.
HBL’s international business also continued to perform well, contributing to the bank’s overall growth. The bank’s strategic focus on increasing women’s participation in the financial sector is reflected in the launch of new products like HBL Nisa Tawfir Plus.
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