HBL: CY21 announced result as per markets anticipation

Habib Bank Limited (HBL) announced its CY21 results today where the bank reported NPAT of PkR35.5bn (EPS: PkR23.9) compared to PkR30.9bn (EPS: PkR21.1) in the same period last year. The result came in line with our expectations.

· Together with the result, the bank has announced a cash dividend of PkR2.25/sh – cumulative dividend for CY21 stands at PkR7.5/sh.

· For 4QCY21, earnings stood at PkR5.67/sh, +11.1%QoQ/63.0%YoY. Gross yield remained stable at 49.3% on a sequential basis, resulting in net interest income growth of 6.1%QoQ.

· Non-Funded Income registered a growth of 30.5%QoQ, mainly on the back of higher Fee income (potentially a year-end phenomenon), and substantial growth in FX income which clocked in at PkR2.4bn vs. PkR0.5bn in the previous quarter.

· Administrative expenses recorded a growth of 11.3%QoQ in 4QCY21 putting C/I ratio at 59.3% vs. 58.2% in the previous quarter.

Courtesy – AKD Research

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