Bank Al Habib (BAHL) announced its Q12018 financial results, posting a profit after tax of Rs 2.08 billion, down by 9.57% as compared to Rs 2.30 billion for the corresponding period last year.
Earnings per Share (EPS) of the bank were recorded at Rs 1.88 per share as compared to Rs 2.07 last quarter.
On a sequential basis, the bank reported a decline primarily on account of higher administrative costs and higher effective tax rate in the previous quarter.
On the expenses front, Administrative Expenses growth clocked in at 13% YoY.
In Q1CY18, gross yield improved to 53.3%, which is attributed to possible deleveraging of balance sheet where interest rate hike’s impact would be seen in the next quarter.
The bank’s Net Interest Income (NII) clocked in at Rs 7.03 billion during the quarter, posting an increase of 13% YoY.
The bank’s loan book expanded by 12.6 billion, standing at Rs 352.42 billion by March 31, 2018, showing growth of 3.70 percent in net advances, compared to last year. Advances to Deposits Ratio (ADR) of the bank now stands at 49.07%.
BAHL’s shares closed at Rs 76.62, up by Rs 1.62 with a turnover of 1.43 million shares.
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