LAHORE - Habib Bank Limited (HBL) announced its 1H2011 result, posting unconsolidated earnings of Rs9. 3b as against earnings of Rs7. 4b in 1H2010 – an increase of 25 percent. In 2Q alone the bank reported a profit of Rs4. 6b, down 2 percent QoQ. As expected, the bank did not announce any payout with the result.
Net Interest Income (NII) rose by 19 percent YoY to Rs26. 2b in 1H2011, as KIBOR remained high by 140bps on a YoY basis. Non Interest Income too rose by 18 percent YoY to Rs6. 5 billion. However, total provisioning was higher by 52 percent YoY at Rs4. 7 billion.
Pakistan s second largest lender Habib Bank Limited (HBL) earnings growth primarily stems from 19 percent surge in banks Net Interest Income which stood at Rs26 billion amid improved banking spreads, and 17 percent increase in non-interest income.
However, 46 percent rise in provisions to Rs4. 7 billion and 10 percent growth in operating expenses partially diluted the benefit from topline growth.
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