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HBL posts 51pc decline in profits in 1Q

High administrative spending, losses from foreign currencies

Penalty of $225 for money laundering also affected balance sheet: experts

M J Hayat

LAHORE: Unreasonably high administrative expenditures, losses from
dealing in foreign currencies and fine of $225 million by New York
Financial Service Department in money laundering scam has made the
Habib Bank Limited (HBL) to post hefty decline in of 48 percent and 51
percent consolidated and unconsolidated profit after taxation for the
1Q, 2018.

Habib Bank Limited (HBL) consolidated and unconsolidated profits after
taxation have declined 48 percent and 51 percent respectively for the
quarter ended on March 2018, the HBL quarterly unaudited accounts
indicated.

The HBL earning consolidated per share also declined to Rs 3.12 during
the 1Q 2018 against Rs 6.16 earnings per share EPS during the same
period last year.

The unconsolidated EPS also declined to Rs 2.70 during the period
under review against Rs 5.54 same period last calendar year (CY).

The Bank earned Rs 20.168 billion net mark-up, return, profit, and
interest income after provision against the Rs 19.804 billion against
the same period CY 2017.

On the other hand the bank’s income from non markup and non interest
income from fee commission, brokage income, dividend income, share of
profits associated and joint venture , gain on sales tax of securities
and other incomes declined to Rs 25.333 billion during the 1Q of March
2018 against Rs 28.117 billion during the same period last financial
year.

The consolidate  and unconsolidated incomes during the period
declined by 10 percent and 11 percent respectively due to less earning
and loss of over Rs 657 million on income from dealing in foreign
currencies.

On the other hand the non mark and interest expenditures of the bank
also escalated unreasonably high as both the consolidated and
unconsolidated expenditure shoot up by 27 percent respectively.

The bank spent Rs 17. 724 billion consolidated on the consolidated
administrative expenditures up 28 percent during 1Q, 2018 against Rs
13763 million.

The bank’s total expenditures were calculated at Rs 17,724 million
during the period under review against Rs 14065 million the during
that same period last year 1Q 2017.

The bank’s profit after taxation (PTA) declined to Rs 4.687 billion
during the first quarter of year 2018 against Rs 9.079 billion.

The Bank, however, earned a sound consolidated Rs 37.023 billion
mark-up return, profit and interest earned during the 1Q 2018 against
Rs 34.932 billion during 1Q 2017.

On the other hand the markup, return, profit  and interest expenses
shoot up to Rs 17.095 billion  during the period under review while
the markup, return, profit and interest expenses were calculated at Rs
14.806 billion during the CY 1Q 2017.

The experts are of the view that the closure of New York branch
operation of HBL and penalty by New York Financial Service Department
has also affected the bank negatively that affected the balance sheet.

They added that this is very unfortunate that the one a leading bank
has been made to show below average performance and it seems that no
professional banker is working and the level of incompetence is
intolerable.

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