HBL 1H earnings grow 13pc

Ahmed Siddique
KARACHI: The profit of the Habib Bank Limited (HBL) increased 13.3 per cent to Rs7.42 billion for the half year ended June 30, 2010 as compared to Rs6.55 billion in the corresponding half of preceding year. The profit resulted in to earning per share of Rs7.41 during first half of calendar year 2010 in contrast to Rs6.54 in the comparable period.
However, the board of directors of HBL did not announce dividend, bonus, rights, or any other entitlements for the shareholders. In the first six months, HBL's interest income jumped by 6.4 per cent to Rs39.03 billion as compared to Rs36.704 billion in the same period last year. On the other hand, interest expenses surged by 7.3 per cent to Rs17.01 billion from Rs15.86 billion.
Similarly, non-interest income also grew 18.1 per cent to Rs5.54 billion in this period against Rs4.69 billion previously.
The bank's non-performing loans were recorded at Rs3.23 billion during the first half. Operating expenditures of the bank rose 11.7 per cent to Rs12.21 billion for the first half of calendar year 2010.