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Habib Bank Q2 net profit slips YOY amid rise in expenses

Habib Bank Ltd. reported a year-over-year drop in net profit for the quarter ended June 30, amid a rise in expenses.

The Pakistan-based lender's consolidated net profit attributable to equity holders for the period fell to 6.46 billion Pakistani rupees from 6.90 billion rupees in the prior-year period. EPS slipped to 4.41 rupees from 4.71 rupees.

Net interest income for the quarter declined to 21.28 billion rupees, down from 21.24 billion rupees, while fee, commission and brokerage income totaled 5.41 billion rupees, up from 4.91 billion rupees a year earlier.

Provisions declined to 839.8 million rupees from 986.2 million rupees. Total noninterest expenses rose to 14.89 billion rupees from 13.59 billion rupees.

Meanwhile, the lender reported first-half net profit attributable to equity holders of 15.49 billion rupees, down year over year from 15.92 billion rupees in the year-ago period. EPS dropped to 10.56 rupees from 10.86 rupees.

Net interest income for the six months ended June 30 decreased to 41.40 billion rupees from 41.42 billion rupees, while provisions declined to 1.16 billion rupees from 1.45 billion rupees.

As of Aug. 10, US$1 was equivalent to 105.38 Pakistani rupees.