HabibMetro posts profit of Rs10.33b

In a meeting of Habib Metropolitan Bank’s Board of Directors, held recently, the financialresults of the Bank for the year ended December 31, 2016 were approved.A 30% cash dividend of Rs.3was declared for the year 2016.

The Bank posted a profit-before tax of Rs. 10.33 billion for the year 2016. Total assets amounted to Rs. 526.6 billion, while depositsincreased toover Rs. 430 billion and gross advances increased to Rs. 160 billion.Return on Equity and Assets marked at 17.41% and 1.2%, respectively. The profitable financialperformance led HabibMetro Bank to record an annualized Earning PerShareof Rs. 5.84.

Net Equity stood at Rs. 37.2 billion with Capital Adequacy marking at a comfortable18.21%. This demonstrated a financial robustness that was further validated by the Pakistan Credit Rating Agency (PACRA) assigning premium credit ratings of AA+ and A1+ credit ratings to HabibMetro Bank for the 16th consecutive year.In recognition of the Bank’s role in facilitating regional trade, HabibMetro Bank was also awarded as Asian Development Bank’s ‘Leading Partner in Pakistan’ for the 2ndconsecutive yearin 2016, in addition to the ‘Leading SME Trade Bank’ award.

HabibMetro continues to expand its footprint across Pakistan, with 31 branches being added to its network in 2016. The Bank now operates with a growing network of 307 branches in 87 cities across Pakistan, with an aim to further enhance its branch outreach in 2017.HabibMetro Bank is a subsidiary of Habib Bank AG Zurich, a multi-national banking group that enjoys a financial presence in 9 countries across 4 continents.

Published in Pakistan Observer, February 24th, 2017