HBL Q1 2022 profit rises to Rs 14.6 bn.

KARACHI -- Habib Bank Limited on Wednesday declared a consolidated profit before tax of

Rs 14.6 billion for first quarter of 2022 and a profit after tax of Rs 8.6 billion, both higher as compared to same period last year.

The Q1 2022 results included a one-time severance charge of Rs 2.6 billion. Excluding the impact of this one-time charge, the Bank's profit before tax was

18 percent more than in Q1 2021. Along with the results, the bank declared a dividend of Rs 2.25 per share (22.5%), said HBL news release on Wednesday.

Following a breakthrough performance in 2021, the bank continued to build on its growth story, with its fortress balance sheet increasing by another 5% over Dec. 2021 to Rs 4.5 trillion. Beating historical trends, HBL was able to grow current accounts beyond the previous year-end peak to nearly Rs 1.2 trillion, 37.4 percent

of the total deposit base of Rs 3.2 trillion.

Advances grew by 4 percent in one quarter alone, well ahead of the market, to nearly Rs 1.6 trillion, with broad-based growth across all segments. The bank's flagship consumer business continued to break records with loans crossing Rs 110 billion; agriculture lending achieved a new high of Rs 41 billion.

HBL Microfinance Bank, the largest microfinance provider of housing loans, posted double-digit growth with deposits crossing Rs 100 billion and a loan portfolio of

Rs 65 billion.

Net interest income of the Bank increased by Rs 3.8 billion to Rs 36.3 billion in the first three months of 2022, driven by an exceptional growth of over Rs. 450 billion

in average volumes. Fee income continued to break barriers, rising 24 percent to

Rs 7.3 billion; with an outstanding...