BAHL’s half-year profit up 19pc

KARACHI: Bank Al Habib Limited (BAHL) on Wednesday reported a 19 per cent increase in its half-year net profit, due to an increase in interest earned income.

In a statement to the Pakistan Stock Exchange (PSX), the bank reported a net profit of Rs21.61 billion for the half-year that ended June 30, up from Rs21.61 billion during the same period the previous year.

The bank also announced an interim cash dividend of Rs3.5 per share, which is in addition to the interim cash dividend already paid at Rs3.5 per share.Earnings per share came in at Rs19.44, compared with Rs16.39 a share last year.

The bank said its interest earned income for the half-year rose to Rs242.291 billion, compared with Rs161.218 billion during the same period a year earlier. Interest expensed income also remained higher at Rs168.117 billion from Rs110.289 billion a year ago.

For the quarter that ended June 30, the bank reported a net profit of Rs11.382 billion, compared with Rs7.583 billion during the same quarter last year. Analysts said that BAHL’s payout remained higher than the market expectations.