HBL’s Board of Director in last week has declared a consolidated profit as per 31 December 2018 balance sheet after tax of Rs: 12.4 billion, a growing of 41 percent over 2017 with earnings per share at Rs: 8.22 compared to Rs: 5.79 in 2017, with a profit before tax for the year was Rs: 21.6 billion. HBL also became the first bank in Pakistan to cross Rs1 trillion in total net advances.
Alongwith the results, the BoD of HBL also declared a dividend of Rs: 1.25 per share (12.50 per cent), bringing the total dividend for the year 2018 to Rs4.25 per share. HBL’s core domestic business shows an optimistic trend in key areas with continued accelerated loan growing of over 30 percent, adding Rs: 200 billion in 2018 alone. The bank’s customer loans crossed the Rs: 50 billion milestones while Small and Medium Enterprise (SME) lending grew by 11 percent to reach Rs: 72 billion.
Furthermore, the total deposits in Pakistan reached Rs: 1.9 trillion, as HBL maintained its position with a nearly 14 per cent share of the market. The bank added Rs81 billion in current deposits, which now constitute 37.6 per cent of the total industry’s mix, with average current deposits growing at an even more inspiring rate of 15 percent.
The outstanding growth in key drivers and resulting Rs: 183 billion growth in the average balance sheet resulted in a 2 percent growth in domestic net interest income. Another strong recovery performance led to Rs: 1.4 billion reversals of credit provisions in the domestic book.