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Habib Bank Q3 profit climbs 192.1% YOY

Pakistan's Habib Bank Ltd. reported a 192.1% year-over-year rise in profit for the third quarter ended Sept. 30.

The company on Oct. 15 reported a third-quarter profit attributable to equity holders of 4.93 billion Pakistani rupees, up from 1.69 billion rupees in the prior-year period. EPS rose to 3.36 rupees from 1.15 rupees.

The S&P Global Market Intelligence consensus normalized EPS estimate for the third quarter was 2.99 rupees, while the GAAP EPS estimate was 3.02 rupees.

Net interest income for the period rose to 26.35 billion rupees from 20.21 billion rupees, while fee and commission income climbed to 4.78 billion rupees from 3.50 billion rupees.

Total income increased to 34.18 billion rupees from 25.59 billion rupees. Profit before provision and taxation rose to 9.66 billion rupees from 5.29 billion rupees.

Net provision and write-offs for the quarter came to 1.27 billion rupees, down from 1.74 billion rupees in the same period the prior year.

As of Sept. 30, the company's total capital adequacy ratio came to 15.55%, down from 16.18% at the end of 2018. Over the same period, its Tier 1 ratio rose to 12.42% from 11.98%, while its common equity Tier 1 ratio declined to 11.41% from 11.97%.

As of Oct. 15, US$1 was equivalent to 156.06 Pakistani rupees.